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Penfed closing costs on a refi...Ridiculous
12-18-2008, 02:49 PM
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#1
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 479
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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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12-18-2008, 02:52 PM
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#2
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Full time employment: Posting here.
Join Date: Jan 2006
Location: Boston
Posts: 620
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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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12-18-2008, 07:45 PM
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#3
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Full time employment: Posting here.
Join Date: Mar 2007
Posts: 577
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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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12-19-2008, 12:38 PM
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#4
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Recycles dryer sheets
Join Date: Jul 2008
Posts: 401
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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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12-19-2008, 04:37 PM
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#5
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 479
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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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12-19-2008, 05:44 PM
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#6
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Recycles dryer sheets
Join Date: Dec 2002
Posts: 78
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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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12-19-2008, 07:12 PM
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#7
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by tjon72
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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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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12-19-2008, 08:59 PM
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#8
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Recycles dryer sheets
Join Date: Jul 2008
Location: ENE MO - near STL
Posts: 424
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Quote:
Originally Posted by JohnDoe
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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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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12-19-2008, 10:16 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
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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.
2Cor521
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