Fees and Servicing Standards

Type of Fee Fee Description Estimated Fee Amount
Balloon Reset Fee required to reset the interest rate on the loan to the current market rate for the remainder of the loan's amortization. $250
Late Charge Charged when the monthly payment due is not received by the expiration of the grace period defined in the Note. Late fees are calculated based on the terms of the Note and state law.
Lien Release Fee Fee charged to process the lien release $8.50 where permitted by law
Mortgage Documents Request to obtain copy of loan documents No Charge
Non Sufficent Funds Fee (returned payment or returned check fee) Fee charged for a check or a electronic draft that was returned unpaid by the borrower's depository institution. $25 or less as permitted by state law
Partial Lien Release Fees charged to process partial lien releases $300 Application Fee, or where permitted by state law.
Payment History Request for payment history No Charge
Payment via Automated Pay by Phone Service 24-hour Automated Pay by Phone Service No Charge
Payment via Customer Service Representative Fee charged to make a payment by speaking with a customer service representative. $15 or less as permitted by state law
Payoff Demand Statement Request for payoff demand statement (by fax or mail) No Charge
Prepayment Penalty Fee is charged for payoff of the mortgage loan prior to maturity. Amount is based on the terms of the Note
Principal Recast Reamortization of the loan after a significant principal reduction is made to the loan. $250
Qualified Assumption Fee Application for an additional party to assume the loan obligation $300 - $500 per investor guidelines
Recording Fee Fee charged by the county recorder's office to record a full or partial lien release/satisfaction of mortgage Fees vary by state, county, document type and number of pages
Simple Assumption Fee Application for name change, or adding new related co-borrower to assume loan obligation $100 to add a family member, No charge to change name
Subordination Fee Fee to process request to subordinate our mortgage lien to another lender's lien. $195
Verification of Mortgage Fee (VOM) Request for VOM (by fax or mail) No Charge

Default Related Fees

Type of Fee Fee Description Estimated Fee Amount
Appraisal An opinion by a licensed real estate appraiser of the value of the property securing the mortgage $350 - $600 (varies by state and product type)
Bankruptcy Costs Court costs associated with filing proofs of claim, motions and other pleadings in Bankruptcy Court $800 - $1,000 per investor guidelines
Bankruptcy Fees Fees incurred for attorney services when a borrower or other party with an interest in the property files for bankruptcy $800 - $1,000 per investor guidelines
Broker Price Opinion (BPO) An opinion by a licensed real estate broker or agent of the value of the property securing the mortgage based on the value of comparable properties $100-$200 (varies by state and product type)
Foreclosure Costs Costs incurred in the foreclosure process, including service of process, filing fees, publication and posting to notify interested parties of the foreclosure action, and title services. Varies by state and services rendered
Foreclosure Fees Fees incurred for attorney or trustee services when the loan is in foreclosure. $2,000 - $2,500 per investor guidelines and as permitted by state law
Modification Application for Loan Modification No Charge
Property Inspection Fee Inspections are ordered when a loan becomes past due 45 or more days. $12 - $45 (fees vary by investor and inspection type)
Property Preservation Fee Fees for services to secure and maintain vacant or abandoned properties, such as securing the property, property damage repair, removal of personal property/debris, maintaining utilities if necessary, mold remediation, and winterization. Varies by type of service and investor/insurer guidelines
Short Sale/Deed in Lieu Application for Short Sale/Deed in Lieu of Foreclosure No Charge

Note: All Non-Default and Default Fees and Costs are charged only where permitted by the loan documents and applicable state law.

Pursuant to Georgia state law, PennyMac Loan Services, LLC:

Will act with reasonable skill, care, and diligence.

Will not charge fees for handling borrower disputes; facilitating routine borrower collections; arranging repayment or forbearance plans; sending borrowers notice of nonpayment; updating records to reinstate a mortgage loan; and late payment in excess of the initial late payment fee, as provided by federal law.

Except as set forth below, will not commence a foreclosure process while a borrower’s complete loss mitigation application is pending (“dual-tracking”).

Will not conduct a foreclosure sale before evaluating the borrower’s complete loss mitigation application in the event the complete loss mitigation application is received after a foreclosure process has been commenced and more than 37 days before the foreclosure sale.

Will consider loss mitigation whenever possible and, at a minimum, acknowledge receipt of a borrower’s initial loss mitigation application within 5 business days of receipt; upon receipt of a borrower’s initial loss mitigation application, provide name, address, and a collect call or toll-free telephone number for an employee or department of PennyMac that can be contacted by the borrower regarding loss mitigation application inquiries; upon receipt of a borrower’s initial loss mitigation application, identify requirements for loss mitigation options, if available; and evaluate a borrower’s eligibility for available loss mitigation options within 30 days of receipt of loss mitigation application if PennyMac receives that loss mitigation application more than 37 days before a foreclosure sale, or in the event PennyMac is not required to evaluate the loss mitigation application, PennyMac will either notify the borrower that the loss mitigation application was not timely or evaluate the loss mitigation application.

Will conduct a formal review of loss mitigation disputes with personnel different than those responsible for previous evaluations if the loss mitigation application was received 90 days or more before a foreclosure sale and if the borrower sends their dispute in writing to PennyMac Loan Services, LLC Attn: Loan Modification Escalation Unit, P.O. Box 514387, Los Angeles, CA 90051-4387.

Will have an error resolution process for all borrowers, unless expressly excluded pursuant to federal law, which must, at a minimum, acknowledge receipt of a borrower’s notice of error within 5 business days of receipt; conduct a reasonable investigation; and within 45 days, except where prompter compliance is required by 12 C.F.R. § 1024.35(e)(3) or alternative compliance is provided in 12 C.F.R. § 1024.35(f), provide a borrower with a written notification of: (i) the correction of error or (ii) PennyMac’s determination that no error occurred and the reason for such determination.

Will apply contractual payments to the principal and interest first, then to insurance, taxes, and fees of the mortgage loan, except where inconsistent with federal law.

Will not assess on a borrower any charge or fee related to force-placed insurance, unless PennyMac has a reasonable basis to believe the borrower has failed to comply with the mortgage contract’s requirements to maintain insurance.

Will not obtain force-placed insurance for a borrower that imposes an unreasonable charge or fee related to the force-placed insurance.