Countrywide Takes A Step Toward Simplicity
There are so many fees attached to a loan. Real Estate Professionals long ago started calling them junk fees. They do represent a break down of costs.
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However, Countrywide an idustry leader has notified us they are forcing simplicity on the marketplace. From their memo:
New Lender Fee Structure: Effective April 16, 2007 Countrywide, America’s Wholesale Lender(R) is implementing a new fee structure that we charge in connection with a closed-end, first lien loan. These changes will simplify the lender fees to a single Lender Fee. Fees formerly labeled Loan Processing Fee, Doc Prep Fee — Lender, and Underwriting Fee, will no longer be itemized or available as options in the system.
Not only does this simplify things, it confirms to the many cynics that read this that all the fees weren’t charged by the mortgage broker.
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