This schedule provides general information on common non-state specific costs that could be associated with a mortgage loan account. It is not a complete list of all costs that could be assessed to such an account. This schedule is provided for informational purposes only.
The frequency of the costs will depend on how often services are requested or required, your payment status, and both investor and legal requirements.
Mortgage related fees and costs
|Late fee||Charged when a scheduled payment is not received by the due date or within the courtesy period defined in the note.||Late fees are calculated according to the terms of the loan. Note: this is a percentage of the payment due, delinquent payment due, or a flat fee.|
(also known as returned payment fee or returned check fee)
|Charged when a mortgage payment is made from a closed account or an account that doesn't have adequate funds and the financial institution does not honor the payment.||$15 – $75|
|Annual fee (also known as membership or commitment fee)||An annual charge for having a home equity line of credit available.||$15 – $150|
|Over limit fee||Charged when the credit amount for a home equity line of credit is exceeded.||$20 – $40|
|Flood title certification||Provides verification that a property is not located in a flood zone. This charge may occur in conjunction with a request to modify the terms of a balloon loan or in the process of an assumption.||$8 – $16|
|Charged when an inspection is required as part of the annual occupancy verification process for a reverse mortgage.||$15 – $35|
|Mortgage payment re-amortization fee||Charged when a request is submitted to modify the principal and interest payment amount after a large payment has been made to the principal balance.||$250|
|Origination (assumption) fee||Charged when a request is made and approved to change the individuals legally responsible for repaying the loan, which may or may not include a change in property ownership.||$50 – $900|
|Credit Report||Charged to obtain a credit report from a credit reporting agency. This may occur as a result of a request for a loan assumption.||$11 per person|
|Payoff quote fax fee (also known as fax fee)||Charged when a payoff statement is prepared and faxed to the borrower or an authorized party.||$5 – $10|
|Phone pay fee|
(also known as Speedpay fee or pay by phone)
|Charged to make a mortgage payment by phone, either using the automated phone system or having a representative handle the payment.||$0 – $20|
|Prepayment penalty||Charged for paying off a mortgage loan or home equity line of credit prior to the maturity date. Not all loans include a prepayment penalty.||Prepayment penalties are calculated according to the terms of the loan Note. Not all loans include a prepayment penalty provision. The most common prepayment penalty calculation for mortgage loans is a percentage of the principal balance that decreases over a four year term from 3% to 0% of the original principal balance. Home equity line of credit loans have flat fee of $500 if paid off in the first 3 years.|
|Charged when a request is made to change the scheduled payment plan associated with a reverse mortgage.||$20 – $50|
|Subordination fee||Charged when a request is made to acknowledge in writing that a debt is inferior to the interest of another on the same property. Requests are received from other lenders or the Small Business Administration to subordinate our lien position to theirs.||$95 – $250|
Default costs follow state and local requirements as well as investor and insurer guidelines, which often vary based on loan type, outstanding balance, payment status as well as property location, size and condition.
Default and bankruptcy costs reflect the amount of the invoice paid to third party vendors (including, in some cases, affiliates) for a service performed.
|Broker price opinion (BPO) 1, 2, 3||We ask real estate brokers or other qualified individuals to provide an estimate of the market value of property.||$7 – $375 per event|
|Full appraisal 1, 2, 3||We ask appraisers for an appraisal of fair market value based on an inspection of the interior and/or exterior of a property.||$225 – $820 per event|
|Inspection 1, 2||Inspections are performed to ensure that your property is occupied and appropriately maintained. This may occur if you are behind on your payments.||$15 – $30 per event|
|Property preservation costs|
|Photos 1, 2||We may have contractors take photographs to document property condition and/or property preservation services performed.||$4 – $30 per maintenance event|
|Securing the property 1, 2, 3, 5, 10||If the property is vacant and/or abandoned, contractors may be hired to secure the property. Services may include, but are not limited to, an initial secure of the property and, re-keying locks, securing doors; installing slide bolts, locks, barrel bolts, deadbolts and padlocks; installing security doors with padlocks; and/or boarding garage doors or windows.||$20 – $1500 per event|
|Securing in-ground and above-ground pools, spas, Jacuzzis, and hot tubs 1, 2, 3, 5, 10||If the property is vacant and/or abandoned, contractors may secure pools, spas, Jacuzzis and/or hot tubs. Services may include but are not limited to securing, covering, draining, disassembling, chlorinating and/or boarding.||$35 – $2800 per event|
|Lawn care/snow removal 1, 2, 3, 5, 10||If the property is vacant and/or abandoned, contractors may be retained to perform lawn care or snow removal. Services may include periodically watering, trimming shrubs and/or cutting the grass. Snow removal may include removing snow from the entry walk, porch and/or driveway.||$25 – $495 per event|
|Plumbing, electrical, heating and cooling system maintenance and repair 1, 2, 3, 10||If the property is vacant and/or abandoned, we may have contractors repair and/or maintain the systems on the property including the plumbing, electrical, heating and cooling systems. If necessary, we may cap gas, water, sewer lines and/or exposed electrical wires.||Based upon a bid by third party contractors|
|Winterize/de-winterize 1, 2, 3, 10||If the property is vacant and/or abandoned, steps may be taken to protect the property from winter elements. Services may include but are not limited to, draining plumbing and heating systems, maintaining water services to houses where a community water service is involved, and/or turning off water supply to the property, and may include the use of air pressure and/or adding anti-freeze to prevent freeze-ups.||$55 – $2500 per event|
|Debris removal/personal property removal/vehicle removal 1, 2, 3, 10||If the property is vacant and/or abandoned we may have contractors remove debris. Services may include but are not limited to the removal of hazardous or non-hazardous material, trash or personal property left behind (including non-functioning appliances, abandoned automobiles, boats, motorcycles, recreational vehicles and trailers or personal property).||Based upon a bid by third party contractors|
|Utilities 4||If the property is vacant and/or abandoned, we may make water, electric and/or gas utility payments directly to the utility company and charge against the loan at the same amount.||Based upon local utility rates|
|Damage repairs 1, 2, 3, 5, 10||If the property is vacant and/or abandoned, we may have a contractor conduct repairs to address and fix identified damages to a property or otherwise take measures to prevent further damage from occurring.||Based upon a bid by third party contractors|
|Health and safety costs|
|Cleaning 1, 2, 3, 10||If the property is vacant and/or abandoned, we may have contractors provide cleaning services to address any Health and/or Safety issues. Services may include, but not be limited to, general cleaning, and cleaning refrigerators, stand alone freezers and toilets.||Based upon a bid by third party contractors|
|Mold remediation or treatment 1, 2, 5, 9||If the property is vacant and/or abandoned, services may be provided to treat or remediate mold or mold related damage in an attempt to prevent further damage and/or deterioration of the property. Molds, fungus, mildew, and similar organisms ("Mold Conditions") may exist in the Property of which the Servicer is unaware and has no actual knowledge. No representation or warranty is made in regard to the effectiveness of any treatment or remediation action which may be taken.||$18 – $2822 per event|
|Extermination and pest control services, termite inspections and/or treatment 1, 2, 9||If the property is vacant and/or abandoned, we may coordinate fumigation by a professional extermination company. Services may include but are not limited to removal of vermin or other animals, termite inspection and/or treatment.||$30 – $7350 per event|
|Attorney/trustee costs 6||These are attorney costs incurred and assessed with respect to the foreclosure process. Trustee costs may be charged in non-judicial states.||$180 – $2700 per each foreclosure action|
|Process server 7||We may have a process server who notifies all parties in person of interest of legal action in accordance with appropriate legal standards.||$5 – $1420 per each foreclosure action|
|Publication/posting 8||We may be required to advertise or publish notice of a foreclosure sale.||$35 – $2875 per each foreclosure action|
|Title cost1, 2||This is the cost for title report, utilized by the trustee or foreclosure attorney. The cost may be based on unpaid principal balance (UPB). Prior to initiating foreclosure action, we must confirm lien position and interested parties.||$100 – $625 per each foreclosure action|
|Title search/title update cost 1, 3||This is the cost for the title search, abstract of title and/or a continuation of title report ordered by the foreclosure attorney or trustee to use as a basis for securitizing title and the identity of persons with an interest in the property.||$125 – $1600 per each foreclosure action|
|Bankruptcy costs6||Once a bankruptcy is filed, attorney costs may be incurred as part of the bankruptcy process.||$75 – $1950 per each bankruptcy action|
Fees and costs are current as of 12/4/2013.
1 Cost is based on the market price for such services in a particular state/locale. Actual costs may exceed the stated range in some circumstances.
2 There may be an additional charge if the service is performed on a rush basis or ongoing maintenance is required. Actual costs may exceed the stated range in some circumstances.
3 Cost may exceed the stated range in some circumstances including, but not limited to, nonconforming properties, proposed construction, beach, canyon, rural and remote locations, atypical large gross living areas and over-improvements may incur an additional charge.
4 Utility costs are passed through based on actual utility company billing. Depending on the circumstances — such as the billing rates or consumption rate — the charges can vary widely. Actual costs may exceed the stated range in some circumstances.
5 Costs may vary depending on local ordinances. Actual costs may exceed the stated range in some circumstances.
6 Costs represent the actual amount charged by the attorney or trustee for work performed. Attorney/Trustee costs can vary based on the amount of time spent or the issues raised during the process, among other factors. This does not include related costs including, but not limited to, filing fees, court costs or other administrative or direct pass through expenses which may be assessed by the Courts. Depending on the circumstances — including the jurisdiction, local practice, the legal rates in the location, the character of the proceeding and whether the matter is contested in the course of any bankruptcy proceeding, multiple filings or objections to plans, among other factors — costs could exceed the stated range.
7 Process server costs vary based on several factors including the number of parties that must be served and the difficulty of achieving service (e.g., the cost may be higher if a party is avoiding servicer, is difficult to locate or distant from the forum. Actual costs may exceed the stated range in some circumstances.
8 Publication/posting costs vary based on the publication method used and/or selected that may be required to meet local or legal requirements among other factors. Actual costs may exceed the stated range in some circumstances.
9 The amount for these costs varies widely and is dependent on many factors, including the nature and extent of the work performed or services provided, the location of the property, size of the residence, character of the infestation or contamination among other factors. Actual costs may exceed the stated range in some circumstances.
10 Cost may exceed the stated range in some circumstances including, but not limited to, emergency services, large lots, extensive landscaping, the size or condition of the systems and location, the amount of personal property or condition of the condition of the property and location, the character or extent of any damage, local ordinances, or the term during which the property remains subject to default.