hahaha.
I love it, you got me again.
Shame on me…
[quote]BlueCollarTr8n wrote:
[quote]pittbulll wrote:
[quote]Dr. Pangloss wrote:
Have you ever seen a settlement statement before? Every fee is broken out. It can not get any more transparent than this. What do you want, the bank to break out it’s points and let you know how much goes to pay the electric and how much goes to pay the salaries of the tellers?
Why, if you’re so concerned about the downtrodden, are you suggesting they pay interest on their credit check fee for 30 years?[/quote]
i have not seen a settlement statement , the properties i have bought were cash at auctions , Is that a form for a realtor ?
I do know if you deal with bank 1 there are different charges than if you deal with bank 2 .
really you are going to charge for a credit check for a $200,000 loan ? I can understand running it but the bank has to pay for somethings . I would call it the price of doing business . And besides they already know your credit history with a click of the mouse
[/quote]
Everyone needs to get paid…think of it as a form of redistribution.
[/quote]
I am not against taxes , county registration fees and the like .
I am against credit checks , appraisals , preparation fees, all the fees that cover the banks ass . and most go to the bank they charge what ever they like .
If they have to pay their loan processor 3 hours pay to process the loan that is the cost of doing business , that should come out of their profit .
If they do not make enogh profit then they should charge %4 rather than %3
[quote]Dr. Pangloss wrote:
The HUD1 is used in EVERY “transaction involving a federally related mortgage loan, which includes most loans secured by a lien (first or subordinate position) on residential property. This includes: home purchase loans, refinances, lender approved assumptions, property improvement loans, equity lines of credit, and reverse mortgages.”
Why are you commenting on something which you admittedly know nothing about?[/quote]
I am not saying how it works I am saying how it could be more transparent .
I have bought and sold several properties , I think i know a little about buying and selling property . I sold one property 6 times , I got a good insight on how banks do business .
You still have not said what the form was used for ???
[quote]Dr. Pangloss wrote:
hahaha.
I love it, you got me again.
Shame on me…[/quote]
Poor you 
[quote]pittbulll wrote:
[quote]BlueCollarTr8n wrote:
[quote]pittbulll wrote:
[quote]Dr. Pangloss wrote:
Have you ever seen a settlement statement before? Every fee is broken out. It can not get any more transparent than this. What do you want, the bank to break out it’s points and let you know how much goes to pay the electric and how much goes to pay the salaries of the tellers?
Why, if you’re so concerned about the downtrodden, are you suggesting they pay interest on their credit check fee for 30 years?[/quote]
i have not seen a settlement statement , the properties i have bought were cash at auctions , Is that a form for a realtor ?
I do know if you deal with bank 1 there are different charges than if you deal with bank 2 .
really you are going to charge for a credit check for a $200,000 loan ? I can understand running it but the bank has to pay for somethings . I would call it the price of doing business . And besides they already know your credit history with a click of the mouse
[/quote]
Everyone needs to get paid…think of it as a form of redistribution.
[/quote]
I am not against taxes , county registration fees and the like .
I am against credit checks , appraisals , preparation fees, all the fees that cover the banks ass . and most go to the bank they charge what ever they like .
If they have to pay their loan processor 3 hours pay to process the loan that is the cost of doing business , that should come out of their profit .
If they do not make enogh profit then they should charge %4 rather than %3
[/quote]
Let me get this straight; you don’t object to the amount you’re being charged, only how it’s itemized…I see.
[quote]BlueCollarTr8n wrote:
[quote]pittbulll wrote:
[quote]BlueCollarTr8n wrote:
[quote]pittbulll wrote:
[quote]Dr. Pangloss wrote:
Have you ever seen a settlement statement before? Every fee is broken out. It can not get any more transparent than this. What do you want, the bank to break out it’s points and let you know how much goes to pay the electric and how much goes to pay the salaries of the tellers?
Why, if you’re so concerned about the downtrodden, are you suggesting they pay interest on their credit check fee for 30 years?[/quote]
i have not seen a settlement statement , the properties i have bought were cash at auctions , Is that a form for a realtor ?
I do know if you deal with bank 1 there are different charges than if you deal with bank 2 .
really you are going to charge for a credit check for a $200,000 loan ? I can understand running it but the bank has to pay for somethings . I would call it the price of doing business . And besides they already know your credit history with a click of the mouse
[/quote]
Everyone needs to get paid…think of it as a form of redistribution.
[/quote]
I am not against taxes , county registration fees and the like .
I am against credit checks , appraisals , preparation fees, all the fees that cover the banks ass . and most go to the bank they charge what ever they like .
If they have to pay their loan processor 3 hours pay to process the loan that is the cost of doing business , that should come out of their profit .
If they do not make enogh profit then they should charge %4 rather than %3
[/quote]
Let me get this straight; you don’t object to the amount you’re being charged, only how it’s itemized…I see. [/quote]
yes , I am shooting for more transparency
I will take it back to the discussion that started with the DR. about interest being compounded every 2 weeks .
Why not every 2 minutes or how about an APR a standardization , where every little detail of the loan does not have to be ferreted out .
Same with fees , bank A does not charge all the fees bank B does. It would make shopping easier
[quote]pittbulll wrote:
If they have to pay their loan processor 3 hours pay to process the loan that is the cost of doing business , that should come out of their profit .
If they do not make enogh profit then they should charge %4 rather than %3
[/quote]
lmao…
So instead of charging you for fees, you would rather the bank charge more interest?
You do understand that is 100% better for the banks and 10,000% worse for the borrower than paying any upfront fees right?
[quote]pittbulll wrote:
[quote]BlueCollarTr8n wrote:
[quote]pittbulll wrote:
[quote]BlueCollarTr8n wrote:
[quote]pittbulll wrote:
[quote]Dr. Pangloss wrote:
Have you ever seen a settlement statement before? Every fee is broken out. It can not get any more transparent than this. What do you want, the bank to break out it’s points and let you know how much goes to pay the electric and how much goes to pay the salaries of the tellers?
Why, if you’re so concerned about the downtrodden, are you suggesting they pay interest on their credit check fee for 30 years?[/quote]
i have not seen a settlement statement , the properties i have bought were cash at auctions , Is that a form for a realtor ?
I do know if you deal with bank 1 there are different charges than if you deal with bank 2 .
really you are going to charge for a credit check for a $200,000 loan ? I can understand running it but the bank has to pay for somethings . I would call it the price of doing business . And besides they already know your credit history with a click of the mouse
[/quote]
Everyone needs to get paid…think of it as a form of redistribution.
[/quote]
I am not against taxes , county registration fees and the like .
I am against credit checks , appraisals , preparation fees, all the fees that cover the banks ass . and most go to the bank they charge what ever they like .
If they have to pay their loan processor 3 hours pay to process the loan that is the cost of doing business , that should come out of their profit .
If they do not make enogh profit then they should charge %4 rather than %3
[/quote]
Let me get this straight; you don’t object to the amount you’re being charged, only how it’s itemized…I see. [/quote]
yes , I am shooting for more transparency
I will take it back to the discussion that started with the DR. about interest being compounded every 2 weeks .
Why not every 2 minutes or how about an APR a standardization , where every little detail of the loan does not have to be ferreted out .
Same with fees , bank A does not charge all the fees bank B does. It would make shopping easier
[/quote]
Well the fees perform a couple of other functions you might not realize.
-
It basically is a first round of “credit check.” I.E. if you aren’t capable or willing to pay the fees, it’s most likely either you can’t afford it or you aren’t sure you can afford it, you probably can’t
-
Fees are the charge for processing the transaction. Interest is simply a return on investment. Those are 2 different income streams.
-
Fees can be negotiated. Who cares if Bank A charges 10k fees for every little thing and Bank B just charges 1 Processing fee. That makes the bank different and would go into your decision about which one to go to.
- Fees can be negotiated. Who cares if Bank A charges 10k fees for every little thing and Bank B just charges 1 Processing fee. That makes the bank different and would go into your decision about which one to go to.[/quote]
I am looking to stream line shopping .If you go back to that the beginning of mortgages conversation , I said "If I were King of America banks would call all the costs of borrowing , interest " Right now Banks are King of America
This conversation stemmed from interest being calculated every 2 weeks .
Why would they do that because if they said i am lending you this money at %2000 interest , they would scare their customers away .
And if you say well they are borrowing for 2 weeks , why don’t you call a 30 year mortgage at a 30 rate , I know it would not be good for business
[quote]countingbeans wrote:
[quote]pittbulll wrote:
If they have to pay their loan processor 3 hours pay to process the loan that is the cost of doing business , that should come out of their profit .
If they do not make enogh profit then they should charge %4 rather than %3
[/quote]
lmao…
So instead of charging you for fees, you would rather the bank charge more interest?
You do understand that is 100% better for the banks and 10,000% worse for the borrower than paying any upfront fees right?[/quote]
In al honesty beans and I mean this with respect you are an awesome troll:)
[quote]pittbulll wrote:
[quote]Dr. Pangloss wrote:
The HUD1 is used in EVERY “transaction involving a federally related mortgage loan, which includes most loans secured by a lien (first or subordinate position) on residential property. This includes: home purchase loans, refinances, lender approved assumptions, property improvement loans, equity lines of credit, and reverse mortgages.”
Why are you commenting on something which you admittedly know nothing about?[/quote]
You still have not said what the form was used for ???
[/quote]
It is right above your quote. In quotes.
To repeat, it is used for EVERY “transaction involving a federally related mortgage loan, which includes most loans secured by a lien (first or subordinate position) on residential property. This includes: home purchase loans, refinances, lender approved assumptions, property improvement loans, equity lines of credit, and reverse mortgages.”
The HUD1 is aka settlement sheet aka RESPA.
[quote]pushharder wrote:
[quote]Dr. Pangloss wrote:
The HUD1 is used in EVERY “transaction involving a federally related mortgage loan, which includes most loans secured by a lien (first or subordinate position) on residential property. This includes: home purchase loans, refinances, lender approved assumptions, property improvement loans, equity lines of credit, and reverse mortgages.”
Why are you commenting on something which you admittedly know nothing about?[/quote]
Because otherwise he would be commenting on practically nothing at all.[/quote]
Oh the King of circle jerk rears his ugly head
I was simply commenting on if I were King Of America . The Great Puppet master has his minions trained well
That Pittbull can not even have an opinion , fucking Dog
[quote]pittbulll wrote:
- Fees can be negotiated. Who cares if Bank A charges 10k fees for every little thing and Bank B just charges 1 Processing fee. That makes the bank different and would go into your decision about which one to go to.
I am looking to stream line shopping .If you go back to that the beginning of mortgages conversation , I said "If I were King of America banks would call all the costs of borrowing , interest " Right now Banks are King of America
This conversation stemmed from interest being calculated every 2 weeks .
Why would they do that because if they said i am lending you this money at %2000 interest , they would scare their customers away .
And if you say well they are borrowing for 2 weeks , why don’t you call a 30 year mortgage at a 30 rate , I know it would not be good for business
[/quote]
Just read this page of this thread, but they HAVE a form that allows you to compare different banks with different closing costs and different interest rates. It’s call the the TIL (Truth In Lending) form. It’s right behind the GFE/HUD 1 in the lending docs. It is a form with four black boxes at the top which details the amount financed, the APR, the total interest paid and the total amount paid. The APR is the number you want to compare bank to bank. That number basically levels the playing field by combining closing costs, interest rate, term and amount financed so that the consumer can make an informed decision with ONE NUMBER.
And Beans is absolutely right - why on earth would you not want to pay an upfront fee for a cost but instead finance the fee over thirty years? Do you not understand how interest works? The way that you proposed would cost consumers THOUSANDS more over the term of a loan.