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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Spillage, or unused gift card volume, continued to decline significantly to less than 1% of total volume, as regulatory action has eliminated most junk fees.
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.
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.
The company has remained steadfast in their commitment to never charge their clients costly hidden or junk fees that remain common with other lenders.