Fee |
Amount |
When Charged |
Late Fee |
Typically 5% of the monthly payment, depending on your
loan documents. |
If your payment is not received before the
grace period expires as stated in your loan documents. |
Returned Check Fee |
$25.00 |
If your bank returns a check unpaid for any reason
(such as insufficient funds in the account-NSF, payment
has been stopped, not properly endorsed, incorrect information, etc.) |
Payment with check by phone or website |
$10.00 Website
$12.00 Automated phone system
$19.50 Agent Assistance
|
If a payment is made using SpeedPay® with an agent,
the automated phone system or the website. |
Amortization
Schedule |
$15.00 |
If a copy of the loan amortization schedule is requested to be sent. |
Payment
History Fee |
$5.00
(Free if viewing on website) |
If a copy of the loan payment history is requested to be sent. |
Loan
Document Fee |
$15.00 Individual Documents
$30.00 Collateral (Mortgage, Note and Riders)
|
If a copy of your loan documents is requested,
including Mortgage, Note and / or Riders. |
Verification
of Mortgage (VOM) |
$10.00
(Free if viewing on website) |
If Ocwen is requested to prepare and provide a verification of current loan balance and status. |
Payoff Fee |
$20.00 |
If a payoff quote is requested to be delivered by fax or email.
(There is no charge for a payoff quote sent via regular mail.)
|
Prepayment
Penalty Fee |
As stated in your loan documents, if applicable |
You may have taken out a loan with a prepayment penalty.
This is an amount that is charged if you pay off your loan early by refinancing
or selling your property or if payments of principal are made before they are due. |
Assumption
Cost |
Up to $1,000.00 |
If your loan is assumed by a third-party
(for example, if you transfer your property), this cost
may be charged for the underwriting, preparation and processing
of necessary documents and for attorney fees. |
Subordination
Fee |
$200.00 |
If you agree to a resolution that
requires the position of the lien securing the loan to
be subordinated (ie, lowered) in relation to another lien,
this fee may be charged for preparation and processing
of necessary documents to be filed. |
Partial
Release Fee |
$500.00 |
If you or a third party requests a release of a portion
of the property from the lien, this fee may be charged
for preparing and recording the partial release. |
Satisfaction
Fee |
Varies by County/Town |
If you pay off your loan, this fee
may be charged to cover the expense of recording the release
/ satisfaction of the loan as determined by the applicable
county / town. |
Certified
Mail Fee |
Up to $6.13 |
If you become delinquent on your loan, this fee may
be charged to send you a Notice of Default via Certified
Mail. |
Property
Inspection Fee |
From $10.50 |
If you become delinquent on your loan,
this fee may be charged for an inspection of the property
to make sure that it is still in good condition. |
Broker’s
Price Opinion (BPO) |
Up to $182.00 |
If you become delinquent on your loan, this fee may
be charged for determining the value and condition of
the property, using a certified Real Estate Agent. |
Foreclosure
Attorney Fee |
From $500.00 to $1,950.00 in typical cases |
If you become delinquent on your loan
and foreclosure is required, this fee may be charged for
services rendered by Ocwen’s legal counsel who handle
the foreclosure case. Depending on the complexity of the
case, the total attorney fee incurred may exceed the amount
noted to the left. Ocwen utilizes recognized industry
guidelines, such as Fannie Mae and Freddie Mac, to assist
in establishing acceptable limitations for attorney fees. |
Foreclosure
Costs |
Varies by case |
If you become delinquent on your loan and foreclosure
is required, these fees and costs may be charged for expenses
and court costs incurred by Ocwen to complete the legal
requirements associated with a foreclosure action. |
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