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Common Fees and Costs

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

Type Description Amount charged
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.

NSF 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

Inspection cost

(Reverse mortgage)

Charged when an inspection is required as part of the annual occupancy verification process for a reverse mortgage. $15 – $35
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. $0 – $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 Lines of Credit may have a prepayment fee of up to $500 if the account is paid off and closed within 3 years of origination.
Recalculation fee

(Reverse mortgage)

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

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.

Type Description Amount charged
Valuation costs
Broker price opinion (BPO) , , 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 , , 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 cost
Inspection ,   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 , We may have contractors take photographs to document property condition and/or property preservation services performed. $4 – $30 per maintenance event
Securing the property , , , , 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 , , , , 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 , , , , 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 , , , 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 , , ,    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 , , ,   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   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 , , , , 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 , , ,   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 , , , 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 , ,   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
Foreclosure costs
Attorney/trustee costs   These are attorney costs incurred and assessed with respect to the foreclosure process. Trustee costs may be charged in non-judicial states. $180 – $3500 per each foreclosure action
Process server   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 We may be required to advertise or publish notice of a foreclosure sale. $35 – $2875 per each foreclosure action
Title costs
Title cost ,   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 ,   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 costs
Bankruptcy costs   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 1/12/2015.