Posted on: 05th Jun, 2009 05:14 pm
I am about to close on a refi and I got a statement with two items that were not on the Good Faith Estimate (GFE). One is "release tracking fee" and the other is "endorsements." The first one has a charge of $240 and the 2nd is $100. I've asked for explanations on both, from both the title company and the broker. Not especially sure I believe either of them. In googling, I see an occasional "release tracking fee" for about $35. Hmmmm. Any ideas, opinions?
Hi signupz,
As far as I know, "release tracking fee" is a paid during the closing by the seller of the property. I guess, you're the buyer. In that case, the lender cannot ask you to pay the "release tracking fee". And, yes, I agree with you that the "release tracking fee" will be around $35.
Additional endorsements to the title insurance policy are required as it provides additional title protection to the lender. The necessity of these additional endorsements will vary from lender to lender, the type of loan you're taking, amount of loan as well as the property type. The cost of these endorsements will also vary depending upon the endorsements required by the lender and the title company.
Thanks
As far as I know, "release tracking fee" is a paid during the closing by the seller of the property. I guess, you're the buyer. In that case, the lender cannot ask you to pay the "release tracking fee". And, yes, I agree with you that the "release tracking fee" will be around $35.
Additional endorsements to the title insurance policy are required as it provides additional title protection to the lender. The necessity of these additional endorsements will vary from lender to lender, the type of loan you're taking, amount of loan as well as the property type. The cost of these endorsements will also vary depending upon the endorsements required by the lender and the title company.
Thanks
but to clarify, this is for a refi, not for a new purchase. so I'm even more confused now . . .
the endorsement part makes total sense, but wish it had appeared on my GFE
the endorsement part makes total sense, but wish it had appeared on my GFE
It would be better if you could contact your lender and ask him to explain the details to you. Also ask him why he hasn't included the endorsement part in the GFE.
To Signupz....that release tracking fee of $240.00 is way overpriced. What state are you from? I work for a title company and each state varies in the cost for recording documents in the land records whether it be in the county or the town of the property. I know for a fact that that amount isn't right. Who is your title company and what was their answer?