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Document
Preparation Fees (Doc Prep Fees)
A document preparation fee is charged by a lender for preparing loan documents
such as the mortgage, note and other legal disclosures. The charging of this
fee is illegal in some states unless the work is done by a licensed attorney.
Some insiders call this fee a “junk” fee, because it is a easy way
to increase gross profit by dressing up expenses with fancy labels.
The document preparation fee can cost anywhere from $20-$400 depending on the
size of the loan, if the lender is dealing with both sides (buyer/seller), if
everything is done online, or if the loan and process is done in a sit-down
visit in an office. These fees, as with most fees on a mortgage, are negotiable.
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