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News & Press: Industry News

Bankrate Releases Closing Cost Survey - More or Less

Tuesday, August 16, 2016  
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Here is a question – how many residential loan closings in Los Angeles require a survey?   Well, according the Bankrate, apparently all of them, because a $500 survey cost is included in their list of third party charges in its 2016 survey of lenders. Now ask yourself, when was the last time you saw a survey in a residential loan context?

Of particular interest to the title insurance industry,  title insurance is not included as a closing cost in the survey. Bankrate notes that that many variable costs are not included; such as title insurance, taxes, and other government fees.  Based on this somewhat incomplete data, California ranked 9th in closing costs when lender’s charges and 3rd party charges are combined. 

Bankrate says that almost half of the lenders in the 2015 survey did not furnish a dollar figure in the category of "attorney, closing or settlement fees." But this year, all of the loan estimates included a dollar figure in this category.  The figure for California was $575 for a $200,000 mortgage loan with 20% down. In its release, Bankrate concluded that so far TRID isn’t causing borrowers to pay higher fees.  If that’s accurate, it really is good news.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851