The HUD 1 Settlement Statement (also known as a Closing Statement) is the document you sign when you close on a mortgage. Unlike the application, the HUD1 is final so all the terms, costs, etc. will not change. The Good Faith Estimate is one of the documents you get at application and is supposed to [...]

A mortgage processing fee is not a junk fee most of the time. It is an actual service performed by either an employee of the mortgage company or an outsourced mortgage processing company. It should cost between $300 and $500 and is part of your closing costs. You will see it on the Good Faith [...]

The HUD 1 settlement statement is the only place to locate the exact amount of yield spread premium you were charged. Of course, by then it’s probably too late! Other non settlement statement mortgage disclosures specifically the Good Faith Estimate (the mortgage application disclosure) are useless for discovering yield spread premium overcharging since most brokers [...]