What are Administrative fees; Underwriting, Processing, Document Preparation, Lender Inspection?
The administrative fees which total approximately $1800 include the following: • Underwriting ($495) one of our due diligence functions; reviewing and assessing information about you and the property to determine if the loan is viable. In underwriting we review the purchase contract and any applicable addendums, appraisal, credit report, the flood certification report, the application, back up documentation, all to determine if the loan is an acceptable risk. • Document Preparation ($395) is the preparation of your loan documents for closing. • Lender Inspection ($295) is part of our due diligence when the lender makes a site visit to the subject property and neighborhood to determine if it is the kind of property we are comfortable with as collateral for the loan. • Loan Application ($535) is gathering all your information and data, discussing your different loan options, evaluating your circumstances, evaluating collateral, and discussing and determining which BRAD LOAN is right for
