Just watched a video talking about how the average amount of closing costs this year is up 37% from what it was last year! And this after the Feds came out with the new and “improved” Good Faith Estimate, which was suppose to stop lenders from adding on last second fees. Well, that has happened, no doubt. But for us honest lenders out there who never did something so stupid in the first place, it just complicated things for everyone. Now we use the old Good Faith to explain the new one. If that’s not proof that people making laws that have no clue what they are doing then I don’t know what is.
Why are costs higher? Simple…more regulation = more overhead to be compliant = more costs = higher fees to the consumer. It’s simple math really; it’s only hard to understand for those residing in Washington D.C. Just wait ’till the new health care goes into effect, especially for these large companies.
Don’t like it? Write your congress folks and let them know what you think of it.