The following is the correspondence:
On 2/3/09 11:32 AM, "David, Racquel" wrote:
Go ahead sir and send it to whoever you would like. Thank you for taking the time to speak with me. Wish you the best of luck.
From: Frank Hogan
Sent: Tuesday, February 03 11:28 AM
To: David, Racquel
Subject: Re: Closing Fees Details
But companies won't survive in this climate of new federal regulation if they state things that are not true... Like fees that are required by the State.
I said from up front I was only interested in a 0 point loan yet you people pursued me under the guise that you were going to offer that only to come up with a
one point origination fee. Maybe I should pass this on to some of the banking regulators and get their opinion.
On 2/3/09 11:18 AM, "David, Racquel" wrote:
Well obviously there is a cost to doing business. The only cost that quicken charges is the 575 processing fee. We wouldn't be #1 in the country, nor the largest online lender if we weren't competitive with costs.
From: Frank Hogan
Racquel
Not to debate the matter but the State does not require nor set the amounts on fees that are called settlement or processing. Take those away and the one point and it's a more reasonable deal.
On 2/3/09 10:52 AM, "David, Racquel" wrote:
Ok no problem today with our rates I can do a 4.625% for the same costs. And those costs are 3rd party required by your state and county other than the 1 pt which is fully tax deductable since it's not origination.
From: Frank Hogan
Thanks but no thanks. I don't want to pay points and there are too many fees.
On 2/2/09 7:24 PM, "[email protected]" wrote:
Closing Fee Detail
330X - 15 Year Conforming Fixed 4.990 @ 1 Points
State: NJ
County: Gloucester
Loan Amount: $365,375.00
LTV: 0.00%
Monthly Payment: $2,887.46
802Loan Discount Fee $3,653.75
803Appraisal Fee $375.00
804Credit Report Fee $30.00
807Flood Life of Loan Coverage $5.00
808Flood Determination Fee $10.50
810Processing Fee $575.00
1101Settlement or Closing Fee $400.00
1102Abstract or Title Search $105.00
1108Title Insurance $1,109.50
1201bRecording Mortgage Fee $220.00
1307Express Mail/Courier Fee $45.00
Total Closing Fees $6,528.75
Estimated Closing Fee Details
This is an estimate of closing fees and also may not cover all items you could be required to pay at closing. Such items may include, but are not limited to, prepaid interest, hazard insurance and escrows. This is not meant to replace the Good Faith Estimate of Closing Costs which will be mailed to you within 3 business days of applying for a loan.
Mortgage Banker: Racquel David
Email: [email protected]
Phone: (800) 226-6308 EXT: 16749
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