Understanding Today’s Connected Borrower

Sign up for this webinar to learn how to transform the borrower journey from transaction to relationship and gain a significant lift in production in today’s digital lending environment.

RealTrending: eXp’s Glenn Sanford reveals what’s next for company

CEO of eXp World holdings addresses his critics about his agent referral program, where he is taking the company next and growth limiters for the brokerage.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

Savvy lenders are already preparing for the next valley – Here’s how

Despite increased rate of tech adoption, the industry still has room for continued tech development and usage. Read here to learn more about key technologies that lenders need to give more attention to.

Most and least expensive states to close a mortgage

Costs keep going higher and higher

Mortgage closing costs continue to report bad news as numbers maintain their upward trend, not boding well for lenders.

According to Bankrate, mortgage closing costs rose 6% over the past year and now average $2,539 on a $200,000 loan.

Origination fees increased 9% to $1,877, while third-party fees rose 1% to $662.

“New mortgage regulations are the biggest reasons why closing costs went up over the past year,” said Holden Lewis, senior mortgage analyst with Bankrate.

“The good news is that some lenders have not increased fees. To get the best deal, consumers should compare good faith estimates from at least three different lenders,” Lewis added.

Back in June, HousingWire reported that independent mortgage banks and mortgage subsidiaries of chartered banks posted a net loss of $194 on each loan they originated in the first quarter of 2014, significantly down from $150 in profit per loan in the fourth quarter of 2013.

“The significant overall production volume decline in the first quarter hurt mortgage bankers,” said Marina Walsh, Mortgage Bankers Association’s vice president of industry analysis. 

“Purchase volume did not pick up, while refinancing volume dropped and costs continued to rise. Given these conditions, companies that managed to break even in the first quarter should consider that a reasonable outcome,” Walsh added.

Click the next page to see the most and least expensive states for closing costs

Bottom 5 least expensive states for losing costs

(Lender’s origination fee, third-party fees, origination plus third-party fees)

51. Nevada: Costs $1,570, $695, $2,265

50. Tennessee: $1,746, $620, $2,366

49. Missouri: $1,749, $638, $2,387

48.  Ohio: $1,707, $685, $2,392

47. District o Columbia: $1,791, $612, $2,402

police

Top 5 most expensive states for closing costs

5. Wisconsin: $2,035, $671, $2,706

4. Hawaii: $2,009, $799, $2,808

3. New York: $2,109, $783, $2,892

2. Alaska: $2,195, $703, $2,897

1. Texas: $2,280, $766, $3,046

Texas

Latest Articles

The CFPB is coming for you: here’s how to prepare

If you’re caught in the sights of the CFPB — or if you’re hoping to avoid the regulator’s scrutiny altogether — here’s what you need to know in 2021. HW+ Premium Content

Apr 21, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please