Fees
All fees listed below are subject to limitation and 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.
| Online Payment | No Charge |
| Payment by Automated Phone System | $5.00 |
| Payment by Phone with Live Agent | $10.00 |
| Amortization Schedule | No Charge |
| Assumption Fees | No Charge |
| Copy of Loan Documents | No Charge |
| Duplicate Annual Statement | No Charge |
| Fax Fee | No Charge |
| Loan Modification | No Charge |
| Payment History | No Charge |
| Payoff Statement Fee | No Charge |
| Late Charge FeeA | See below |
| Property Inspection FeesB | $10.00 – $16.50 |
| Broker Price Opinion Fee | $100.00 – $150.00 |
| Foreclosure FeesC | $1000.00 – $4775.00 |
| Foreclosure CostsD | See below |
| Bankruptcy FeesC | $500.00 – $1500.00 |
| Bankruptcy CostsE | See below |
| Property Preservation ExpensesF | See below |
| Lien Release FeesG | See below |
| Returned Check Fee | $25.00 |
| HELOC Credit Line Over-limit Fee | $25.00 |
| Subordination Agreement Fee | No Charge |
| Recast Fee (for loans owned by Fannie Mae and Freddie Mac) | $250.00 |
| Appraisal FeesF | See below |
A Calculated based upon the terms provided in the Note subject to applicable state law.
BInspections are ordered when a loan becomes past due by at least 45 days; inspection fees on Government / GSE loans may be higher as allowed per agency guidelines.
C Attorneys’ 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.
D Costs 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.
E Costs associated with filing proofs of claim, motions, and other pleadings and associated actions in Bankruptcy Court subject to local law and investor guidelines.
F Actual fees and costs based upon type of service rendered and subject to local law and investor guidelines.
G Actual fees and costs in accordance with jurisdictional requirements.
Definitions
Online Payment: Payment made by authorizing payment through Rushmore’s website.
Appraisal Fee: Fee charged by a licensed appraiser to estimate of the value of a property.
Amortization Schedule: A schedule showing the number of payments due, the amount due in each installment, the declining principal balance and the number of years needed to pay off the debt.
Assumption Fees: Fees paid to a note holder when an assumption of the loan occurs.
Loan Documents: Documents the customer executes to secure the obligations of the customer and lender with respect to the loan.
Annual Statement: Annual report sent to a mortgagor detailing the amount of interest and points paid during the prior year and the principal balance of the mortgage. If the loan is escrowed, it will also include the amount of taxes and insurance paid during the prior year and ending escrow balance.
Fax Fee: Fee charged to send documents by fax machine.
Loan Modification: Agreement to waive or modify terms of a note and/or mortgage.
Payment History: A record of how mortgage payments have been made over a period of time. The record will also include the dates the payment may been paid past the “grace” period and if a late fee was assessed.
Payoff Statement: Statement indicates the actual amount required to pay the loan in full.
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.
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.
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.
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.
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.
Returned Check Fee: Fee charged when payment is returned by the bank.
Subordination Agreement: Typically a subordination arises when there are two existing mortgages, a first mortgage and a second mortgage, and the mortgagor intends to refinance the first mortgage. In a subordination agreement, the second mortgage holder agrees to allow the first mortgage to retain its first lien position.