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Customer Testimonials
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"Thanks so much for taking the time to
review my information. It has been extremely helpful. While I
know it's just business on the part of the lenders, it really hurts
that some of them do not hesitate to prey on folks like me who
simply don't understand this type of thing. But your insight and
expertise has been more than eyeopening. I will certainly recommend
you guys to my friends and family."
K. Northington, MA
"Everyone should deal with a RMA.
My first broker was making 4.5 points on my loans - 3 of which came
from putting me into a higher rate without my knowledge or consent.
Thanks MortgageTrap!"
Michelle Martinez, IL
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Look For
This Logo to Ensure You're Dealing with a Professional!
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Review of you Good Faith Estimate can
save you thousands!
Look at what we've caught so far
since we started providing our independent 3rd party review for you: |
GOOD FAITH ESTIMATE
TOTAL OVERCHARGES /
EXCESSIVE FEES DISCOVERED*
|
Applicants: Visitors to MortgageTrap and
Clients
of MortgageTrap members |
|
Property
Addr: Various properties throughout the U.S. |
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Prepared By:
MortgageTrap.org
|
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Total Good Faith
Estimates reviewed as of April 2008: 2076 |
|
800 ITEMS PAYABLE
IN CONNECTION WITH LOAN: |
| 801.
Loan Origination Fee |
$ 954,723 |
| 802.
Loan Discount |
577,504 |
| 803.
Appraisal Fee |
46,990 |
| 804.
Credit Report |
4,125 |
| 805.
Lender's Inspection Fee |
1,800 |
| 808.
Mortgage Broker Fee |
818,554 |
| 809.
Tax Related Service Fee |
67,325 |
| 810.
Processing Fee |
412,425 |
| 811.
Underwriting Fee |
15,275 |
| 812.
Wire Transfer Fee |
3,670 |
|
Courier Fee |
17,719 |
|
Commitment Fee |
2,250 |
|
Miscellaneous Fees |
77,661 |
| 1302. Pest
Inspection |
2,035 |
| COMPENSATION
TO BROKER (Not paid out of loan proceeds) |
|
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YIELD SPREAD PREMIUM |
3,450,177 |
|
Total Excessive
Charges:
|
6,452,233 |
That's over $2600 per loan!
How much are YOU being overcharged?
Find out today by using one
of our three ways:
1.
Work with one of our
Member Lenders - we will review your GFE
or HUD for FREE!
2.
Work with one of our
Member Realtors - we will review your GFE or
HUD for FREE!
3.
Order online - one fee, unlimited reviews!
All reviews
are strictly confidential and we ask for NO personal identifying
information! Our analysis will only be provided to you, not your
realtor or lender.
*Overcharged or excessive fees are
calculated by using the industry accepted norms and standards for each
fee type and are only our opinion based upon our experience and
knowledge. Each GFE/HUD was reviewed and analyzed while considering
their FICO score as reported by them, their loan amount, interest rate,
LTV, DTI and product type. Our reviews are meant as a guide and tool,
not as a guarantee or certainty of what fees you will be (or should be)
charged or the amount. If you agree with our opinion, you have the
right to negotiate with your lender or look for a home loan from another
source. No member lender participates in the review or
analysis.
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