Fees & Servicing Standards
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 | No Charge |
| Debit Card Payment Fee | Fee charged for using a debit card to make a payment | Up to $6.75, as permitted by applicable law and/or investor guidelines |
| 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 applicable law and/or investor guidelines |
| Lien Release Fee | Fee charged to process the lien release | Up to $22.50, as permitted by applicable law and/or investor guidelines |
| 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 applicable law and/or investor guidelines |
| Partial Lien Release | Fees charged to process partial lien releases | No Charge |
| Payment History | Request for payment history | No Charge |
| Payment via Automated Pay by Phone Service | 24-hour Automated Pay by Phone Service | No Charge |
| Payoff Demand Statement | Request for payoff demand statement | No Charge |
| Principal Recast | Re-amortization of the loan after a significant principal reduction is made to the loan | Up to $250, as permitted by applicable law and/or investor guidelines |
| 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 | VA - $300 Origination fee plus a Locality Variance up to $463 for a total maximum of $763. The locality variance is determined by the subject property state. FHA - A maximum fee of $1800; however certain states have restrictions that may reduce the maximum fee amount. FNMA - 1% of UPB ($400 min, $900 max) FHLMC - 1% of UPB ($400 min, $900 max) |
| 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 (Release of Liability allowed on exempt transfers) | No Charge |
| 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 | Up to $195, as permitted by applicable law and/or investor guidelines |
| 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 complexity, 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 - $235 (varies by complexity, 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 | $20 - $75 (fees will 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, including registration when required | Varies by type of service and state/investor/insurer guidelines Fees Range from $5 through unpaid principal balance |
| 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 |
| Title Transfer Fee | Cost of the Title Transfer | $25 - $1,200 |
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, and as permitted by applicable law and/or investor guidelines |
| 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 applicable law and/or investor guidelines |
| 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 applicable law and/or investor guidelines |
| 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 applicable law and/or investor guidelines |
| Subordination Fee | Charged when re-subordination request is made | Up to $300, as permitted by applicable law and/or investor guidelines |
| Lien Release Fee | Fee charged to process the lien release | Up to $22.50, as permitted by applicable law and/or 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 |
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.