HUD Study Finds Disparities in Mortgage Fees Paid.

New York Times news story HERE.

HUD's full report is HERE (You might want to read/print only the Executive Summary, the full report is 270 pages).

Summary of key findings from HUD news release:

• Total loan fees can vary by thousands of dollars from borrower to borrower even for the same loan amount.
• Loan charges and title fees vary considerably from state to state even for similar loans. Even in the same state, disparities in title costs among identical borrowers can be more than $1,000.
• On average, borrowers see no reduction in out-of-pocket fees when they agree to higher interest rates. Ideally, consumers ought to receive a dollar-for-dollar credit for paying a so-called "yield spread premium" that results from agreeing to a higher interest rate loan. In fact, many borrowers see no reduction at all and even pay more in total loan fees.
• African-American families pay an average of $415 more in total loan origination fees than non-minorities.
• Hispanic borrowers pay an average of $365 more in total loan origination fees than non-minorities.
• Consumers obtaining loans for which comparison shopping is easiest, so called "no-cost loans," enjoyed an average cost savings of $1,200.