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LSDefine

Simple English definitions for legal terms

origination fee

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A quick definition of origination fee:

An origination fee is a fee that a borrower pays to a lender when applying for a loan. This fee is paid upfront and is usually a percentage of the loan amount. The lender uses this fee to cover the costs of processing the loan application. Origination fees can be negotiable, and borrowers may be able to get a lower fee for larger loan amounts. The government has put limits on loan origination fees to protect borrowers.

A more thorough explanation:

An origination fee, also known as an origination point, is a fee that a borrower pays to a lender to process a loan application. This fee is paid upfront and is usually a percentage of the loan amount. The lender charges this fee to cover the costs associated with setting up the loan or mortgage.

For example, if you are taking out a mortgage of $200,000 and the lender charges an origination fee of 1%, you will have to pay $2,000 upfront to the lender.

Origination fees are often negotiable, and borrowers can try to negotiate for lower fees. For instance, if you are taking out a larger loan, you may be able to negotiate a lower origination fee. Lenders may be willing to reduce the fee to earn your business.

It is important to note that the government has enacted legislation to limit loan origination fees. For example, the § 206.31 regulation limits the amount that lenders can charge for origination fees.

Overall, an origination fee is a fee that borrowers pay to lenders to process a loan application. It is usually a percentage of the loan amount and can be negotiable.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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