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Tag Archives: Closing Costs

Mortgage Closing Costs Up 6% as Fees Climb

According to data from finance site Bankrate.com, closing costs in 2014 are up 6 percent over last year, rising to an average $2,539 on a $200,000 loan (assuming a 20 percent down payment). "New mortgage regulations are the biggest reasons why closing costs went up over the past year," said Holden Lewis, senior mortgage analyst for Bankrate. "The good news is that some lenders have not increased fees."

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Originators Outline Struggles in Changing Market

According to results in Hammerhouse’s 4th Annual Survey of Originator Opinions, 44 percent of originators polled said the biggest challenge for the industry in 2014 will be "adding new relationships to support a purchase focused business" with purchase volumes still too weak to support the market. Given these obstacles and the continuing decline in mortgage volumes, 69 percent of originators expect overall volume to drop in 2014.

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Closing Costs Sink Profits at Independent Mortgage Banks

According to the Mortgage Bankers Association’s (MBA) Performance Report for Q4, independent mortgage banks and mortgage subsidiaries of chartered banks took in an average profit of $150 on each loan they originated, a record low. That number was down from $743 per loan in Q3. “Fourth-quarter production profits were at their lowest levels since [the] inception of the Performance Report in 2008,” said Marina Walsh, MBA’s VP of industry analysis.

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