Lender competition means lower mortgage closing costs

Screen Shot 2015-08-10 at 9.09.16 AMBy Kathleen M Howley | Bloomberg Business

Competition among lenders has been good for U.S. homebuyers.

The average mortgage-origination fee fell 22 percent in the 12 months through June to $1,041 as nontraditional lenders gave borrowers more options, pushing banks to make concessions to stay competitive, according to an annual survey by Bankrate Inc. Charges are declining even as banks struggle with costly regulations spurred by the 2008 financial crisis, said Greg McBride, Bankrate’s chief financial analyst.

“The new players entering the market are forcing established lenders to cut fees even though compliance costs for everyone are going higher,” McBride said in an interview. “Lending standards haven’t changed much, so this is really the only way they can compete.”

Continued:

Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories
August 2015
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31