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| Texas Origination Fees Highest in Country
U.S. closing costs decline from 2008
Sept. 2, 2009
By MortgageDaily.com staff
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Loan originators in Texas collect higher average fees than in any other state, a new report indicates. The higher commissions also pushed the state's ranking on overall closing cost to No. 1.
On a $200,000 mortgage in the Lone Star state, closing costs averaged $3,855 this year, according to a report today from Bankrate.com. In 2008, Texas was ranked No. 2.
Bankrate said nationwide closing costs averaged $2,732 in the latest report, down from $3,118 last year.
The report was based on conforming lender surveys from all 50 states and Washington, D.C. California was broken into two markets -- Los Angeles and San Francisco.
In Texas, total closing costs included $1,566 in origination fees -- also the highest of any state -- and $2,290 in title and closing fees.
The New York City market dropped from No. 1 last year to No. 2 this year. Average closing costs of $3,408 in 2009 included just $1,038 in origination fees and $2,370 in title and closing fees.
The third highest-cost state was Florida, at $3,368, followed by San Francisco's $3,117 and Oregon's $3,059.
In Nevada, a state battered by the nation's highest foreclosure rates, closing costs averaged just $2,276 -- the lowest of any state.
Behind Texas in origination fees was Wisconsin with $1,430, Michigan's $1,398 and $1,369 in both Florida and South Dakota. Origination fees were lowest in New Jersey at $931.
Title and closing costs were highest in New York, at $2,370. Texas followed at $2,290, then Florida's $1,999, Pennsylvania's $1,872 and San Francisco's $1,853.
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