[billie]

loan? The Origination Charge is 4817.09 and the YSP is 5224.12 The upfront MIP is 1293.10 This is a FHA loan the closing is supposed to be on Monday. I am going to see my lawyer this eveningBut I'm anxious and wanted to get some thoughts on this. Also I asked the my broker am I paying his fees through my loan and he says no. The lender pays his fees. It does look like the origination. fee is credited on the GFE. I ' d appreciate any thoughts on this matter I know I' d lose my down payment as well as other things I paid for like inspection. If I back out now maybe I can negotiate these fees.

[Ken Rusten]

The new Good Faith Estimate that went into effect January 2010 was intended to show the borrower a clear picture of the fees paid. However, we spend a lot of time answering these same questions due to the format of the form.The origination charge includes all lender fees, including the origination fee, processing fee, underwriting fee, administration fee, and other fees to cover the lenders overhead. Not all lenders charge all of those fees, and in the case of a mortgage broker, it covers both the brokers fees and the fees from the lender that the Broker is placing the loan with. When you lump them together, it looks like a lot of money for the origination. The YSP is the amount the lender is paying the broker to place the loan with them. It is not a fee that you pay. This fee is based on the rate that you locked.Upfront MIP is charged by FHA. It is one percent of the loan amount and it is financed into the loan by increasing the loan size by the amount of the fee. FHA also charges a monthly mortgage insurance premium that you must pay until your loan amount reaches 78% of the original loan amount or at least 5 years. If you have a 15 year mortgage, the MIP falls off at 78% regardless of how loan you have had the loan.To find out exactly how much you will have to pay at closing, your lender should have provided you with a fee worksheet. It will include the loan fees, the third party fees the pre paids (taxes and insurance) that are included on the Good Faith Estimate PLUS your down payment amount LESS any credits from the seller. The fee worksheet will also list all the lenders fees seperately, like the old good faith estimates did before 2010. You may be able to ask the lender or broker to drop or reduce a processing fee or administration fee. Take a look at the papers your broker gave you when you applied for the loan.