junk fees

junk fees

A popular term for lender fees and expenses that are disguised additional profit.They are usually relatively small, but can add up to significant income if enough borrowers pay them. Sample junk fees are loan processing, document handling, fund maintenance, review appraisal, underwriting review,and other such items.

Junk Fees

A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount.

See Settlement Costs/Fees Paid to Lender/Lender Fees Expressed in Dollars.

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He presented an example of a car dealer who had selected what it thought was a low-cost processor that quoted 25 basis points plus 20 cents per transactions and about $50 in junk fees.
s EB-5 visa investor clients don't have to pay junk fees such as administrative fees or even attorney fees etc.
Translation: They'll make a windfall out of junk fees and foreclosures in a downturn that will balance out the bad housing market.
We're going to see a lot of other junk fees," he said, mentioning specifically a 79.
Or say that unexpected, 11th-hour junk fees materialize.
In addition, the GFE will consolidate closing costs into major categories to prevent junk fees, and will display total estimated settlement charges prominently on the first page so the consumer can easily compare loan offers.
So when you rate shop, it's not just the rate, but all the other junk fees that the lender will charge you--and they can add up.
Avoid junk fees, "If it costs $250 to type your personal information into the application, and administrative fees cost an additional $500 to $600, ask questions," says Russell Scott, senior loan officer at Merit Financial Inc.
Yet, prepaid card junk fees stack the deck against jobless Americans who need every dollar during a financially stressful time.
EB-5 visa investors don't have to pay junk fees such as administrative fees etc.
com opened in November of 2006, offering title insurance and closing services in New Jersey and Florida as a test for what it called a revolutionary new title industry business model committed to the lowest rates allowable by state and federal laws, the absence of junk fees, and faster service.
BanCorp Realty is presenting this perfect bridge loan to investors and property flippers with no junk fees and no prepayment penalties amortized over 30 or 40 years due in 12 months.