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Penfed closing costs on a refi...Ridiculous
Old 12-18-2008, 03:49 PM   #1
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Penfed closing costs on a refi...Ridiculous

online good faith estimate :1486

After applying:
Title Search 100
Title Examination 100
Attorney Fees 500
Lenders Coverage 975

Recording Fees 90
City/County Tax Stamps 150
State Tax Stamps 350
Lien Release 40

Survey 275
Pest inspection 50
15 day interest 215

TOTAL: 2845

Another $450 of which they are paying. Then there is the additional line item in my monthly payment for $63 labeled 'Other & Spec Assess & Assoc'.

On top of all that, I guess they're so busy that no one has time to call me back the last 4 days.

I'm about ready to w/d my application.
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Old 12-18-2008, 03:52 PM   #2
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What do they mean by "attorney fees" - are you sure they don't mean that as an estimate of YOUR attorney fees (which are typically not counted as part of the lender's closing costs).

The 15-day interest doesn't seem like it's a cost to you, rather, just pre-paid interest, unless I'm missing something.

I know these don't completely make up the difference between your estimate and the final number, but maybe partially; and I know different areas of the country have different costs for recording properties etc., so maybe that explains the rest of the difference.

I haven't dealt with Penn Fed, but I was under the impression that they were a decent lender to get a mortgage from.
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Old 12-18-2008, 08:45 PM   #3
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Looking at my paperwork from last spring estimate $2675.00 Actually paid $1552.00

Some of these lines fall on you others get paid by Penfed I did have to place a few extra calls as I didn't always get a quick accurate call back. Of course all in all it was the smoothest mortgage I've ever been part of and they were just so darn friendly on the phone I couldn't possibly complain. My refi was timed just like yours when the rates were dropping and there was a frenzy of activity so yes I'm sure they are buried. A real person will be able to walk you through the difference.
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Old 12-19-2008, 01:38 PM   #4
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Dunno, buddy refi'ed about a year ago with them and was extremely
pleased, and he's no noob. Hope they're not going to the dark side ...
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Old 12-19-2008, 05:37 PM   #5
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Still no call from my processor all week. I left 3 messages and 1 email.

I called in today and asked the person who answered the phone to review my GFE. I got just about all my questions answered. I still don't agree with how and why some of the numbers are listed. The rep agreed with me.

It is ridiculous that I got no call all week from my loan processor. They need more staffing, especially if they know a rate reduction is coming.

If communications don't get any better, I'll never close.

The main difference on the loan amount was becaused they used an amount from cr rpt 2 months behind, even though I applied for the exact prin bal remaining.
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Old 12-19-2008, 06:44 PM   #6
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Hate to hear this, if they (penfed) ever get their 30yr fixed to 5% or below, I guess it will be my turn in the barrel...............
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Old 12-19-2008, 08:12 PM   #7
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Originally Posted by tjon72 View Post
Hate to hear this, if they (penfed) ever get their 30yr fixed to 5% or below, I guess it will be my turn in the barrel...............
We'll both be taking numbers and standing in line.

The week after Christmas I'm going to start calling the NFCU, with whom we have our current mortgage, and ask them just how valuable our business is to them.
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Old 12-19-2008, 09:59 PM   #8
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Originally Posted by JohnDoe View Post
Still no call from my processor all week. I left 3 messages and 1 email.

I called in today and asked the person who answered the phone to review my GFE. I got just about all my questions answered. I still don't agree with how and why some of the numbers are listed. The rep agreed with me.

It is ridiculous that I got no call all week from my loan processor. They need more staffing, especially if they know a rate reduction is coming.

If communications don't get any better, I'll never close.

The main difference on the loan amount was becaused they used an amount from cr rpt 2 months behind, even though I applied for the exact prin bal remaining.
I've had a good experience with Navy Fed CU. I'm closing on a refi on Monday the 22d, exactly 2 weeks after first applying. Of course rates will continue to fall now. But my market timing has always been pretty poor so I decided not to play around. My principal remaining is relatively small so it really won't matter too awful much if I miss a half point or so.
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Old 12-19-2008, 11:16 PM   #9
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Regarding PenFed, it seems that the quality of their loan processors is highly variable. Personally I had a great loan processor and an OK title person when I refi'ed with them in the spring.

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