This fee schedule provides general information on common costs that could be associated with servicing a first lien, closed-end mortgage loan account. It is not a complete list of all costs that could be assessed to a mortgage loan account. Actual fee amounts and costs are subject to change and vary depending on the applicable state law and/or agency/insurer/ investor guidelines and your loan documents. Additional fees and costs may be incurred if, for example, the mortgage loan becomes delinquent, the borrower files bankruptcy, or the property associated with the mortgage loan becomes subject to litigation. Such fees could include, but are not limited to, court costs and attorneys’ fees. These fees and costs vary with the circumstances of the case and nature of the work performed.
| Fee Type | Description | Amount |
|---|---|---|
| NSF fees/ bounced check | This is a charge assessed by our financial institution when a payment is returned or rejected by your financial institution for any reason (such as insufficient funds in the account, account closed, etc.). | $0 - $25 |
| Corporate Advance Fee | We assess this fee when we have to advance an amount to pay taxes, insurance, utilities, or homeowner/ condo association dues under the terms of the loan documents. This fee is assessed to the account in addition to the amount of the required advance and both are due for reimbursement from the borrower. | $0 - $40 |
| Extension Fee | We collect this fee for the processing and extension of a loan approaching or reaching maturity where available based on applicable investor requirements and in accordance with loan documents. | Extension Fees are assessed per Loan Documents, Investor Limitations, and Applicable State Law |
| Draw Processing (Dutch & Non-Dutch Interest Loans) | We assess this fee in association with a requested draw on a loan accruing dutch interest. | $0 - $60 |
| Wire Fee | We assess this fee in conjunction with requests for expedited transfer of construction/ rehabilitation draw funds via wire. | $0 - $25 |
| Payoff Statement Request | We assess this fee in conjunction with providing a payoff statement on a loan in default - including administration with finalizing default related charges and fees that have been incurred on the account. | $0 - $60 |
| Late Fee | A late charge may be assessed if you do not meet your mortgage payment deadline and do not make your payment within the grace period. | As permitted by the terms of the loan documents and/or state law. |
| Prepayment Penalty | A prepayment penalty is a fee charged for paying off the loan before the payoff date you’ve established with your lender. | As permitted by the terms of the loan documents and/or state law. |
| Payoff/ Mortgage Satisfaction | We assess this fee for certain services involved in the preparation and execution of documents necessary to reconvey or release the security instrument when the account is paid in full or in association with a workout/ settlement agreement. | $0 - $65 |
| Verification of Mortgage (VOM) | We assess this fee to provide documentation of the monthly payment history, account balance, and history of loan to a third party. State law may dictate the fee amount, and these will only be charged where permitted by state law. | $0 - $25 |
| Broker Price Opinion | Fee charged by a real estate broker or other qualified individual to determine the estimated market value of a mortgaged property, which may include an interior inspection of the dwelling. | $80 - $125 |
| Appraisal | An opinion by a licensed real estate appraiser of the value of the property securing the mortgage. | Market Rate Charged by Third Party Contractors |
| Draw or Repair Inspection | Inspection required in association with an additional construction draw request or insurance disbursements for property repairs. | $150 - $200 |
| Delinquent Property Inspection | Inspections are ordered when a loan becomes past due 45 or more days to confirm occupancy and condition of the property. | Costs per event vary by type of inspection required based on investor requirements and/ or loan documents and fees assessed by the inspection vendor. |
| Breach/ Notice of Default | We assess this fee where there has been a breach or default under the terms of the loan documents and notice is required to be sent pursuant to the applicable loan documents and state law. | $0 - $50 |
| Overnight fee | Cost associated with sending requested items via overnight mail. | The actual cost of expediting mail is charged if requested by the borrower or an authorized third party. |
| NY - CEMA Admin Fee | A fee associated with the request for a release of a collateral file and other documents required for a New York Consolidation, Extension & Modification Agreement (CEMA) refinance. | $500 |
| Recording Fee | A Recording Fee may be charged by the county to record the release of the lien. | The fee amount is based on the actual amount charged by the county recorder. |
| Foreclosure Fees/ Costs | Fees and costs associated with protection of collateral. Foreclosure attorney fees and costs will vary by filing type and are limited to the actual fees and costs. State law may limit costs. | Vary based on attorney services rendered, as permitted by applicable law and investor guidelines. |
| Bankruptcy Fees/ Costs | Attorneys fees and court costs incurred when a borrower or other party with an interest in the property files for bankruptcy. | Vary based on attorney services rendered, as permitted by applicable law and investor guidelines. |
| Title Search | This fee is charged when a title search is required on the property securing a loan we are servicing. | Costs vary by state requirements and associated vendor fees. |
| Property Preservation | Fees to maintain vacant or abandoned properties, such as securing the property, property damage repair, removal of personal property/debris, maintaining utilities if necessary, mold remediation, grass cuts and winterization, including registration when required | Vary based on services rendered, as permitted by applicable law and investor guidelines. |