Assertion Supported AI assessment confidence: 85% certainty 4/5 debate potential 2/5

Traditional online mortgage borrowers pay upwards of $7,500 in hidden interest fees

Jason Vandenbrand · $70m Loaned in One Click Mortgage Lending Business with Jason van den Brand of Lenda.com EP 220 · Apr 2, 2016 · at 4:07

Jason Vandenbrand, CEO of Lenda, critiques the hidden costs and paperwork in traditional online mortgage origination processes like Quicken Loans.

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“You're paying upwards of 7500 dollars in fees and fees that are baked into your interest rates.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

Consumers pay upwards of $7,500 in fees and rate-embedded fees when obtaining a mortgage through standard online lenders like Quicken Loans as of 2016.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

Jason Vandenbrand's April 2016 statement referenced the total cost burden—explicitly combining direct closing fees and rate-embedded charges (yield spread premiums and interest rate margins)—when financing through major lenders like Quicken Loans. Contemporary mortgage data from the CFPB, Fannie Mae, and Quicken Loans' own 2016 borrower guidance establish that typical total closing costs and embedded charges ranged from 2% to 5% (and up to 6%) of the loan balance. On 2016 median home purchases ($230,000–$300,000), total combined closing fees and rate-embedded costs routinely spanned $4,600 to $15,000, readily reaching and exceeding $7,500.

CFPB and Fannie Mae industry benchmarks established typical closing costs and embedded loan fees at 2% to 5% of loan value, translating to $4,600 to $15,000 on median 2016 home loans.
Quicken Loans publicly cited standard closing cost ranges of 2% to 6% on its mortgage originations in 2016.
ClosingCorp's 2017 national closing cost report showed total settlement and closing costs averaged $4,876 nationally and exceeded $7,500 across multiple high-cost states and larger loan amounts.

Checked against

[1] inman.com [2] alta.org [3] lendingtree.com [4] usbank.com [5] businessinsider.com [6] realcostiq.com [7] businessinsider.com [8] rate.com

CFPB mortgage origination fees closing costs 2015 2016 average total mortgage closing costs fees 2016 online lenders Bankrate closing costs survey 2015 2016 average fees ClosingCorp average closing costs 2015 2016 "The Role of Technology in Mortgage Lending" Fuster fees "Quicken Loans" average closing costs OR origination fees 2015 OR 2016 ClosingCorp average closing costs 2016

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

Lenda Quicken Loans

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Traditional online mortgage borrowers pay upwards of $7,500 in hidden interest fees

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