Diane Cipa, general manager for The Closing Specialist in Ligonier, said that if Bankrate used good faith estimates to compile their data, the numbers could be inflated because the good faith quote is usually higher than the actual costs at closing.
"The current form for good faith estimates encourages lenders to quote high numbers for closing costs," Ms. Cipa said. "If they give a quote that is too low, the lender could be responsible for making up the difference."
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