Fees
All fees listed below are subject to limitation, may be nonrefundable, are assessed only as permitted by applicable federal or state law or regulation, the loan documents, or agency guidelines and are presented here for information only.
| Appraisal FeesF | See below |
| Bankruptcy CostsE | See below |
| Bankruptcy FeesC | $1,000.00 – $3,000.00 |
| Broker Price Opinion FeeH | $90.00 – $175.00 |
| Foreclosure CostsD | See below |
| Foreclosure FeesC | $1,200.00 – $10,000.00 |
| HELOC Annual Maintenance FeeA | See below |
| HELOC Check Reorder Fee | $5.00 |
| Late Charge FeeA | See below |
| Lien Release FeesG | See below |
| Payment Online | No Charge |
| Payment by Automated Phone System | No Charge |
| Payment by Phone with Live Agent | No Charge |
| Property Inspection FeesB | $10.00 – $75.00 |
| Property Preservation ExpensesF | See below |
| Recast Fee (for loans owned by Fannie Mae and Freddie Mac) | $250.00 |
| Returned Check Fee | $25.00 |
| Velocity Extension Fee (Commercial Loans) | 1% of the Principal Balance |
ACalculated based upon the terms provided in the Note subject to applicable state law.
BStandard fee range. Inspections are ordered when a loan becomes past due by at least 45 days, upon the occurrence of events impacting the property, or upon inspection; inspection fees may be higher than the amount listed due to exigent circumstances or on Government / GSE loans as allowed per agency guidelines.
CAttorneys’ fees incurred for attorney or trustee services when a loan is in foreclosure or bankruptcy. Amounts are estimates and vary and in accordance with jurisdictional requirements and state law.
DCosts incurred in the foreclosure process, including Service of process, filing fees, publication, and posting to notify interested parties of the foreclosure action, and other related services subject to local law and investor guidelines.
ECosts associated with filing proofs of claim, motions, and other pleadings and associated actions in Bankruptcy Court subject to local law and investor guidelines.
FActual fees and costs based upon customary and reasonable service rendered, subject to applicable law and investor guidelines.
GActual fees and costs in accordance with jurisdictional requirements.
HBroker Price Opinion fees may be higher for certain rural, complex, or unique properties.
Definitions
Appraisal Fee: Fee charged by a licensed appraiser to estimate of the value of a property.
Bankruptcy Costs: Costs associated with actions in Bankruptcy Court.
Bankruptcy Fees: Fees incurred for attorney or trustee services when a loan is in bankruptcy.
Broker Price Opinion: An opinion by a licensed real estate broker or agent of the estimated fair market value of a property based on prices of similar properties.
Foreclosure Costs: Costs incurred in the foreclosure process.
Foreclosure Fees: Fees incurred for attorney or trustee services when a loan is in foreclosure.
HELOC Annual Maintenance Fee: A nonrefundable Annual Fee that is charged on your Credit Line Account.
HELOC Check Reorder Fee: A fee for providing you with preprinted specialty checks allowing you to obtain advances under your Credit Line.
Late Charge Fee: Penalty the homeowner must pay when a mortgage payment is made after the due date grace period. This information can be found in the mortgage note.
Lien Release Fees: Recording fees charged by a state or local recorder’s office to file a written agreement releasing the customer of further obligation, and processing fees charged to prepare the agreement.
Payment Online: Payment made by authorizing payment through Rushmore’s website.
Payment by Automated Phone System: Payment made through Rushmore’s automated phone system, without a live agent’s assistance.
Payment by Phone with Live Agent: Payment made with a Rushmore live agent’s assistance.
Property Inspection: Observation of the exterior of the property to determine whether the property is still occupied by the owner, its physical condition, where there is any apparent damage, and whether there is any other obvious threat to the value of the property that could affect the lender’s collateral.
Property Preservation Expenses: Fees and costs to maintain a vacant or abandoned property, such as securing the property, repairing damage, removal of debris, maintenance, utilities, and other such services.
Recast Fee (Fannie Mae/Freddie Mac): A fee charged for recalculating the loan based upon a reduced balance after a large sum is paid towards the mortgage principal balance
Returned Check Fee: Fee charged when payment is returned by the bank.
Velocity Extension Fee (Commercial Loans): On certain commercial loans, a fee for extending the loan maturity date.