Mortgage Servicing Fees

Below is a list of fees and costs for services that may be performed in connection with your loan or home equity line of credit. This list provides general information on common, non-state specific fees and costs that may be incurred in connection with your mortgage account. It does not contain all fees and costs that may be charged, including but not limited to, attorney’s fees and costs that vary based on the jurisdiction, nature and character of the work performed, among other factors, and property preservation costs.

Fees and costs charged may also be governed by state and local legal requirements, as well as investor guidelines. These requirements and guidelines vary based on loan type, outstanding balance, payment status, and property characteristics. The frequency with which the fees and costs may be charged is dependent upon how often services are requested or required, as well as your payment status, investor guidelines and legal requirements. Fees and costs may be further limited by the terms of your loan or home equity line of credit documents.

Some service fee activities are contracted by third party vendors and reflect the amount of the invoice paid to the vendor for service(s) performed.

Assumption fee

Varies by program

A fee assessed upon approval of a request to change the individuals legally responsible for repaying the loan, which may or may not include a change in property ownership.

ARM conversion fee

$250 or based upon the loan documents

A fee assessed when a request is made to convert an adjustable rate mortgage to a fixed rate mortgage.

Balloon reset fee

$250-$350 by investor

A fee assessed when an extension of the payment period is requested at the maturity of a balloon note.

Broker price option fee (BPO fee)

$80-$105, depending on state investor/insurer

A fee assessed when a BPO is performed by a real estate broker or other qualified individual to estimate the market value of a property. A BPO may be required in connection with a request to increase a home equity line of credit, complete an assumption, remove private mortgage insurance from a loan or modify loan terms.

Costs may exceed the stated range under extraordinary situations including, but not limited to, non-conforming properties, proposed construction, beach, canyon, rural and remote locations, atypical large gross living areas, over-improvements and services performed on a rush basis.

Consolidated extension and modification agreement fee (CEMA fee)

$500, External NY Assignment

$250, TIAA Bank CEMA

A fee assessed when a NY CEMA is utilized for refinances in lieu of the traditional cancellation of the old Mortgage Note and release of the lien.

Duplicate payoff statement

No charge after March 29, 2017

A fee assessed with a client requests an additional copy of a payoff statement.

Full appraisal fee

$85-$1,200

A fee for an appraisal performed by an appraiser to determine fair market value of a property based on interior and/or exterior inspection of the property. A full appraisal may be required in connection with a request to increase a home equity line of credit, complete an assumption or remove private mortgage insurance from a loan.

Insufficient funds fee (NSF fee)

$15-$50, depending on state

A fee assessed when a mortgage payment is made from a closed account or an account that does not have adequate funds and the financial institution does not honor the payment.

Late charges

Fees are charged in accordance with the calculation method and fee rate contained in your loan documents. If the amount permitted under the loan documents exceeds the permissible late charge amount in your state, then the state limit or investor/insurer guidelines may apply.

A fee assessed when a scheduled payment is not received within the grace period defined in the note.

Partial release fee

$300

A fee assessed upon approval of a request to release a portion of the existing mortgage premises, or for change to the ownership or legal description of the property.

Payment convenience fee

Automated phone = no charge after July 26, 2017

Client services representative = $10 after July 26, 2017

Online payment after due date = no charge after July 26, 2017

A fee assessed when a mortgage payment is made by phone, either using the automated phone process or having a representative process the request, or is made online after the due date.

Payoff demand fee

$0-$30, depending on state

A fee assessed when a payoff statement is prepared and sent to the borrower or authorized party.

Payoff incoming wire fee

$8.90

A fee assessed when a wire is submitted to TIAA Bank from another financial institution.

Priority handling fee

No charge after March 29, 2017

A free assessed to provide a Payoff/Demand statement by expedited delivery.

Property inspection fee

$0-$20, depending on investor/insurer/state

A fee assessed when inspections are performed to ensure that a property is occupied and appropriately maintained. Inspection may occur if you are late in your payments.

Reconveyance fee

$0-$60, depending on state

A fee assessed to prepare the documents needed to remove the current lien from a property in connection with a refinance or payoff.

Release recording fee

County recorders set fees recording pages or documents

A fee assessed by the county recorder where the property is located. Documents are recorded when ownership changes are made, such as when the loan is paid off, or as needed to maintain legal records.

Recast fee

$250-$500, depending on investor/insurer

A fee assessed to perform a modification on a non-default loan when a borrower pays a large curtailment/amount principal and requests that the payment amortization be recalculated, and principal and interest schedule, based on the new principal balance.

Subordination fee

$175-$300, depending on investor/insurer

A fee assessed when a request is made to acknowledge in writing that one debit is inferior to the interest of another on the same property. Requests are received from other lenders or the Small Business Administration to subordinate our lien position to theirs.

Title search

$10-$1,500 per event

The cost for the title search or abstract of title. Also, the cost for title report, utilized by the attorney/trustee to confirm lien position and interested parties prior to initiating a foreclosure action. The cost may be based on the unpaid principal balance.

Title update report

$15-$500 per event

The cost for the attorney/trustee to order a continuation of title report to use as basis for securitizing title and the identify of persons with an interest in the property.

Verification of mortgage

No charge after July 26, 2016

A fee assessed when a request is made to complete a verification of mortgage.

Home Equity Line of Credit (HELOC)

In addition to the other fees, these fees may be specifically charged on HELOCs:

Check copy fee

No charge after April 28, 2017

A fee assessed to provide a copy of a processed check from a HELOC.

Early termination fee

$300-$500, varies based on HELOC documents

A fee assessed to close a HELOC within a certain time period from the origination date.

Overlimit fee

$15-$25, varies based on HELOC documents

A fee assessed when the credit amount for a HELOC is exceeded.

Return draw fee

No charge after March 28, 2017

A fee assessed when a HELOC draw is returned.

Stop payment fee

$5-$30 varies based on HELOC documents

A fee assessed when a stop payment on a HELOC check is requested.

Wire fee

No charge after May 7, 2017

A fee assessed in connection with an outgoing HELOC wire transfer.

Annual fee

$15-$75, varies based on HELOC documents

An annual fee assessed for having a HELOC available, beginning the first anniversary date and continuing during the draw period.

Payment convenience fee

No charge after April 27, 2017

A fee assessed when a mortgage payment is made by phone, either using the automated phone process or having a representative process the request, or is made online after the due date.