We’ve been seeing a lot of FHA loans come through lately with exorbitant processing fees.  All the agencies have guidelines pertaining to reasonable and customary fees.  It is therefore important that Gateway begin to put out guidance on acceptable fees on loans submitted. 

 

Beginning Monday, April 13th, all loans closed with Gateway may not contain processing fees higher than those listed in the table below.  These fees are maximum allowable fees on all Gateway loans.  However, remember that while we will allow the maximum fees below, state and federal high-cost limitations may affect your actual/ending HUD-1 fees collected.

 

 

                  

Additional guidance on other HUD-1 fees will be released soon…

 

* VA does not allow the processing fee to be charged to the borrower.  This fee must be charged to the seller on a Purchase.  On a refinance, this fee cannot be listed as a seperate line item fee.  Typically, it is included in the Origination Fee...not to exceed 1% total fee.