Non-Default Primary & Subordinate Related Fees

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
Debit Card Payment Fee Fee Charged for using a debit card to make a payment Up to $6.75, as permitted by state law
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 based on the terms of the Note, loan type, and as permitted by state law
Lien Release Fee Fee charged to process the lien release $22.50, as permitted by state law and investor guideline
Mortgage Documents Request to obtain copy of loan documents No Charge
Non-Sufficient Funds Fee (returned payment or returned check fee) Fee charged for a check or an electronic draft that was returned unpaid by the borrower's depository institution Up to $25, as permitted by state law
Partial Lien Release Fees charged to process partial lien releases $300, as 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 Up to $15, as permitted by state law
Payment via Web Fee charged to make an online payment Up to $5, as permitted by state law
Payoff Demand Statement Request for payoff demand statement (by fax or mail) $25, as permitted by state law
Principal Recast Re-amortization of the loan after a significant principal reduction is made to the loan Up to $250, as permitted by state law
Qualified Assumption/Release of Liability Fee Application for an additional party to assume the loan obligation or for a co-borrower to be released from liability for the loan obligation $100 - $900 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 (No Release of Liability) $100 to add a family member,No Charge to change name
Subordination Agreement When a borrower is refinancing a first lien mortgage and an existing junior lien will remain in a subordinate position after the refinance $195
Verification of Mortgage Fee (VOM) Request for VOM (by fax or mail) No Charge

Default Primary & Subordinate 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 - $1,200 (varies by state and product type)
Bankruptcy Fees and Costs Attorneys fees and court costs incurred when a borrower or other party with an interest in the property files for bankruptcy $50 - $3,000 based on attorney services rendered, as permitted by applicable law and 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 $85 - $800 (varies by state and product type)
Foreclosure Fees and Costs Attorneys and trustee fees and 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 $50 - $35,000 based on attorney or trustee services rendered, as permitted by state law and investor guidelines
Modification Fee Fee for processing a loan modification application No Charge
Property Inspection Fee Inspections are ordered when a loan becomes past due 45 or more days to confirm occupancy and condition of the property $12 - $75 (fees vary by investor and inspection type)
Property Preservation Fee Fees to maintain vacant or abandoned properties, such as securing the property, property damage repair, removal of personal property/debris, maintaining utilities if necessary, mold remediation, grass cuts and winterization Varies by type of service and state/investor/insurer guidelinesFees Range from $35 - $35,000
Short Sale/Deed in Lieu Fee Fee for processing an application for Short Sale or Deed in Lieu of Foreclosure No Charge
Title Search Fees Fee charged for a title search to validate proper lien position As invoiced by an attorney, trustee or title company and permitted by applicable law, loan documents and investor requirements

HELOC Specific Fees

Type of Fee Fee Description Estimated Fee Amount
Annual Fee Fee charged on the anniversary date of the Agreement and on each anniversary date thereafter during the time the Advance Period is in effect, whether or not the HELOC Account is used Up to $750 depending upon Credit Utilization and Advance Period
Early Closure Fee Charged if after any applicable rescission period, you elect to cancel the Agreement within 36 months of the date of the Agreement for any reason Early Closure fees are based on the terms of the Agreement, and as permitted by state law
Late Charge Charged when the monthly payment due is not received by the expiration of the grace period as defined in the Note Late fees are based on the terms of the Agreement, and as permitted by state law
Non-Sufficient Funds Fee (returned payment or returned check fee) Fee charged for a check or an electronic draft that was returned unpaid by the borrower's depository institution Up to $25, as permitted by state law
Subordination Fee Charged when re-subordination request is made Up to $300
Lien Release Fee Fee charged to process the lien release $22.50, as permitted by state law and investor guideline
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

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.