Can someone provide a range or how it is calculated?
2007-09-14 13:43:22 · 6 answers · asked by bill 2 in Business & Finance ➔ Renting & Real Estate
Unfortunately it can not be "calculated" it is just whatever each particular lender sets it to be. Varies widely. Somewhere in a neighborhood of $700 is probably average or most common I should say, but I've seen it as low as 350 and as high as $1200.
2007-09-14 13:51:47 · answer #1 · answered by Alexander K 3 · 0⤊ 0⤋
Most of the large lenders (Bank of America, Washington Mutual, Countrywide, National City, InterFirst) charge in the 500-600 range. Provident Funding has the best rates, but their total costs (underwriting, tax service fees, etc) are 784.00.
Just make sure that the underwriting fee is being charged by the company actually doing the underwriting - and not just a revenue enhancement by a broker
2007-09-14 21:01:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can get GFE;s (Good faith estimates) from lenders on the web and compare.
UW fee is the lenders income to cover processing costs. A good lender wont charge you both an UW and processing fee- it should be one or the other.
Either one should be 400-600, if its higher, negotiate- even the day of closing.
2007-09-14 21:31:10 · answer #3 · answered by JBVTexas 1 · 0⤊ 0⤋
I work as a nationwide loan officer for chase and my underwriting fee is only $300.
2007-09-15 14:14:53 · answer #4 · answered by The Smart One 4 · 0⤊ 0⤋
It depends on the lender. There is no range or systematic formula on how it is calculated. Ask three different companies and you will receive three different answers.
2007-09-14 21:02:30 · answer #5 · answered by godged 7 · 0⤊ 0⤋
it depends on the lender; I have seen them as high as 1200, i have seen them as low as 400.
2007-09-14 20:48:31 · answer #6 · answered by healthspot_2000 4 · 0⤊ 0⤋