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What is an origination fee?

April 26, 2017fee Origination

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What is an origination fee?

27 Answers

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An origination fee is the amount paid to the company originating the loan and covers the costs associated with creating, processing and closing a mortgage. The origination fee is normally 1% of the loan amount and can be rolled into the loan amount in many cases.

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Typically, it is 1% of your loan amount, and works exactly like a discount point. You can avoid all or part of this fee by paying a higher interest rate. In Michigan, rates are typically quoted assuming this 1% origination fee.

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An Origination Fee is typically 1.000% of your mortgage loan amount, just like a “Discount Point”. The origination fee can be avoided by taking a slightly higher interest rate. Many times, loans without discount points or origination fees will be referred to as “zero + zero” loans. In Arizona, most loans are quoted as zero + zero loans.

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A fee or charge for the work involved in the evaluation, preparation, and submission of a proposed mortgage loan. For answers to specific questions or concerns, contact us at 1-800-403-3595.

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The amount charged for services performed by the company handling the initial application and processing of the loan. The industry standard is 1% although, interest rates and points / fees may be used towards this as a way to advertise no origination fee.

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