Understanding Fees
Your Guide to Fees
Homeownership is a significant investment, and we're here to make managing it as smooth as possible. We believe in transparency, ensuring you're always informed about any fees associated with your account.
Our goal is to provide clear communication so there are no surprises. Below is a list of account changes that may result in fees and how to avoid them. Please note that these charges are subject to change.
Standard Fees
These fees may occur for any normal transactional issue with your mortgage.
Late Charge Fee
What is this fee?
If your payment comes in after the due date and any grace period has passed, a late fee may apply.
Estimated fee amount:
The amount and rules for these fees are based on your loan agreement and the laws in your state.
NSF or Returned Check Fee
What is this fee?
This fee may be charged if your bank rejects a payment when we try to process it.
Estimated fee amount:
The amount can be up to $50, depending on what’s allowed by your state’s laws.
Prepayment Fee
What is this fee?
If you choose to pay off your loan early, a prepayment fee might apply depending on your loan agreement.
Estimated fee amount:
The exact amount is determined by your loan documents and by state and federal laws, so it’s a good idea to review those details before making an early payment.
Property Valuation Fee
What is this fee?
If we need to determine the value of your home—for an appraisal, Broker Price Opinion, or another type of property valuation—a fee may apply.
Estimated fee amount:
This can be up to $1,000, depending on your state, investor guidelines, and the type of valuation used.
Default Related Fees and Cost of Services
These fees may occur if you are in a default status with your mortgage.
Attorney Fees and Costs
What is this fee?
A fee may apply if your loan enters legal proceedings—like foreclosure or bankruptcy—and legal help is needed to protect or resolve the matter.
Estimated fee amount:
The amount depends on your loan agreement, investor guidelines, and state and federal laws.
Field Visit Fee
What is this fee?
If we need to send someone out to deliver a notice and check whether the property is occupied, a fee may apply.
Estimated fee amount:
This can be up to $85, depending on your state, investor guidelines, and what’s allowed by state law.
Litigation Fees and Costs
What is this fee?
This fee may apply if legal action is taken due to ongoing missed payments or unresolved mortgage issues like a contested foreclosure action or a Lien or title issue.
Estimated fee amount:
The cost is determined by your loan agreement, investor guidelines, and applicable state and federal laws.
Property Inspection Fee
What is this fee?
If your loan becomes significantly past due, we may need to check on the condition of the home, which could result in a fee.
Estimated fee amount:
This can be up to $150, depending on your state, investor guidelines, and the type of inspection required.
Property Preservation Fee
What is this fee?
If a property is found to be vacant or abandoned, we may need to step in to help prevent damage—like winterizing the home, maintaining the lawn, or making necessary repairs.
Estimated fee amount:
These services can come with a fee, which varies based on the type of work, your location, investor guidelines, your loan documents, and applicable laws.
Loan or Property Change Related Fees
These fees may occur for any loan changes to your mortgage.
Assumption Fee
What is this fee?
This fee may apply when someone takes over responsibility for an existing mortgage—usually due to a divorce, death, or property transfer. It covers the administrative work involved, like credit checks and preparing documents.
Estimated fee amount:
The cost can be up to $2,000, depending on the type of assumption, your state, investor guidelines, your loan documents, and applicable laws.
Lien Release Fee
What is this fee?
This fee may apply when your mortgage is fully paid off and we take care of preparing and recording the official release of the lien on your property.
Estimated fee amount:
It covers the administrative and recording costs involved in finalizing your loan payoff and can be up to $100, depending on what’s allowed by state law.
Maturity Extension Fee
What is this fee?
If you request to extend the original term or maturity date of your loan, a fee may apply. This helps cover the review and processing of your request, including updates to your loan terms and paperwork.
Estimated fee amount:
The exact cost will be outlined in your Maturity Extension Agreement.
Partial Release/Land Transaction/Trust Fee/CEMA/COOP
What is this fee?
This fee may apply if you request a legal or title-related change to your loan—like releasing part of the land from the mortgage, transferring the property into a trust, completing a COOP transaction, or processing a CEMA (Consolidation, Extension, and Modification Agreement) in New York.
Estimated fee amount:
The fee can be up to $300, depending on your state’s laws.
Recasting Fee
What is this fee?
If you make a large, one-time payment toward your mortgage and ask us to recalculate your monthly payments based on the new, lower balance, a fee may apply. This can be a great way to lower your monthly payment without changing your interest rate or loan term.
Estimated fee amount:
The fee is up to $300, depending on what your state allows.
Recording Fee
What is this fee?
This fee covers a standard charge from your local government to officially record property-related changes—like a lien release, loan modification, or ownership transfer—in public records.
Estimated fee amount:
It can be up to $600, depending on your state, county, the type of document, and what local laws allow.
Subordination Fee
What is this fee?
This fee may apply if you’re refinancing a second mortgage or home equity line of credit and need us to agree to stay in a lower lien position. It covers the administrative work involved in reviewing and processing that request.
Estimated fee amount:
The fee can be up to $300, depending on what your state allows.
Title Search Fee
What is this fee?
This fee may come up when we need to verify the ownership history of your property or check for any legal claims—usually during a refinance, assumption, or legal process. It helps ensure all property records are accurate and up to date.
Estimated fee amount:
The fee can be up to $350, depending on your state, investor guidelines, loan documents, and applicable laws.
Document Related Fees
These fees may occur for document requests, preparations, or delivery.
Loan Document Fee
What is this fee?
This fee may apply if you request copies of specific loan documents or if legal or servicing documents need to be prepared for certain transactions, like assumptions, modifications, or payoffs.
Estimated fee amount:
The cost is typically up to $5 per document.
3rd Party Verification Fee
What is this fee?
This fee may apply when you authorize us to share your loan information with another company—like a lender, financial advisor, or housing counselor. It covers the cost of securely preparing and sending the information, either by overnight delivery or mail.
Estimated fee amount:
The fee is up to $10.
Expedited Document Fee
What is this fee?
This fee may apply if you ask for specific loan documents to be processed and delivered on a rush basis. It helps cover the extra time and resources needed to get everything to you faster than the standard processing time.
Estimated fee amount:
The fee can be up to $10.
