An assumption fee is a charge levied by a lender on a buyer who assumes the existing loan on the subject property.
A loan application fee is a non-refundable charge required by a loan originator to cover the credit report, property appraisal, and other incidental expenses associated with underwriting a loan.
A loan origination fee is a service charge collected by lenders for processing new loan applications. This fee can cover various administration tasks such as application processing, underwriting, and funding the loan.
Loan points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also referred to as 'buying down the rate.'
Origination fees are charges to a borrower to cover the costs of issuing the loan, such as credit checks, appraisals, and title expenses.
Third-Party Mortgage Origination involves the process of using an intermediary, generally a mortgage broker, between the borrower and the lending institution. The intermediary performs all tasks and duties required to originate the loan according to the requirements of the lending institution.
