Effective as of 1/1/2018
| Fee | Explanation | Amount |
|---|---|---|
| Returned Check | A charge when a payment made to your account is returned and the payment is reversed. | $20.00 |
| Telephone Payment | Making a non preauthorized payment to your loan via a phone call. | $12.95 |
| Coupon Book Replacement | Replacing a lost or misplaced coupon book. | No Charge |
| Payoff Statements | An itemized list of the amounts due in order to satisfy the debt. | No Charge |
| Late Fee | An additional charge that a borrower is required to pay as a penalty for failing to pay a regular installment when due. | See your promissory note |
| HUD Waived Fee Addendum | The fees on the settlement statement (HUD-1A) that were paid by the lender at the time of closing that are reimbursable if the loan is terminated within a specified period of time of closing for any reason. | See your HUD Waived Fee Addendum |
| Property Inspection Fee | A simple exterior inspection of the collateral property in order to confirm its occupancy and condition in connection with a borrower’s default. |
$50.00 per inspection
Appraisals are $250 - $500
|
| Broker’s Price Opinion (BPO) | Broker price opinions usually are performed by a real estate broker or real estate agent and are more detailed than an inspection. BPOs, unlike a simple exterior inspection, provide detailed information concerning the value of the property and include some of the elements of a true real estate appraisal. BPOs provide a current valuation of the property in comparison to other similar properties in the area and are normally obtained in connection with the borrower’s default. | $95 per BPO |
| Prepayment Penalty | A consideration paid to the mortgagee for the prepayment privilege | See your promissory note |
| Subordination | Acknowledgment by written recorded instrument that a debt is inferior to the interest of another party | $250 plus other applicable charges such as appraisal, survey, credit report, attorney fees, title, recording fees, etc. Approval subject to bank’s sole discretion. |
| Release of Liability | An agreement to terminate the personal obligation of a mortgagor in connection with the payment of a debt | $250 plus other applicable charges such as appraisal, survey, credit report, attorney fees, title, recording fees, etc. Approval subject to bank’s sole discretion. |
| Partial Release | A written recorded agreement to release a portion of the mortgaged premise | $250 plus other applicable charges such as appraisal, survey, credit report, attorney fees, title, recording fees, etc. Approval subject to bank’s sole discretion. |
| Assignment | The transfer of ownership of a mortgage from one party to another |
75 basis points of the original mortgage amount plus other applicable charges such as appraisal, survey, credit report, attorney fees, title, recording fees, etc. Approval subject to bank’s sole discretion.
Example: .0075X$100,000=$750
|
