What about this sort of scenario: An attorney does the processing and closing of a loan but a title company only does the insurance (title co owned by the attorney)
So the HUD only has the TC getting the premium and the rest of the HUD has the usual fees like the closing fee, the search, the update and recording as a line itself, wire fees, etc...
But all of those are a bit high than they should be. Is that bad? I am not too up on all of the actual laws of RESPA and such.
The recording fees the county charges are NOT inflated.
I ask because I have started to do some work for an attorney doing processing, preparing HUD's, and doing some post closing stuff. He is new n the RE field but not a new attorney and he isn't familiar with much at all. He can't even understand how to read a binder.
So he told me what he wanted me to put as standard fees on the HUD's and I don't know if they are actually 'wrong' for me to do what he told me.
Example, a current owner search I sub out costs $45 but on our HUD it says $75, and the update/record the abstractor charges is $25 and our HUD says $50, our wire fee our bank charges is $15 but our HUD charges $50, courier fees are about $15-20 per package and we charge in the HUD $45, and we have an extra fee there, the line that is title examination, which is separate from the search line, our HUD says $250 which is what covers the binder/policy typing fee, processing, release prep, post closing, etc..
I always thought that whatever you have a bill for is what you put on the HUD. Like the actual search fee has to match.
So is it ok for him to do this with the fees or not?????
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