The number of percentage points the lender adds to or subtracts from the index rate to determine the interest rate adjustments. The margin is constant throughout the life of the mortgage and is specified in the promissory note.
Default Related Service Fees
| Fees As of xxxx |
This schedule provides general information on common non-state specific costs that could be associated with a mortgage loan account. It is not a complete list of all costs that could be assessed to such an account. This schedule is provided for informational purposes only.
The frequency of the costs will depend on how often services are requested or required, your payment status and both investor and legal requirements.
Default costs follow state and local requirements as well as investor and insurer guidelines which often vary based on loan type, outstanding balance, payment status as well as property location, size and condition.
Default and Bankruptcy costs reflect the amount of the invoice paid to third party vendors for a service performed. No representation or warranty is made in regard to the services provided or the effectiveness of any treatment or remediation action which may be taken.
| Category | Default Costs |
| Sub-Category | Valuations Cost |
| Type | Broker Price Opinion (BPO) adatext , adatext , adatext |
| Description | We ask real estate brokers or other qualified individuals to provide an estimate of the market value of property. |
| Amount Charged | $0-$140 per event |
| Category | Default Costs |
| Sub-Category | Valuations Cost |
| Type | Full appraisal adatext , adatext , adatext |
| Description | We ask appraisers for an appraisal of fair market value based on an inspection of the interior and/or exterior of a property. |
| Amount Charged | $0-$810 per event |
| Category | Default Costs |
| Sub-Category | Valuations Cost |
| Type | Automated Valuation Model (AVM) adatext , adatext |
| Description | We may determine the estimated market value of the property by using statistical data pertaining to the area where the property is located. |
| Amount Charged | Not applicable |
| Category | Default Costs |
| Sub-Category | inspection Cost |
| Type | Inspection adatext , adatext , adatext |
| Description | Inspections are performed to ensure that your property is occupied and appropriately maintained. This may occur if you are behind on your payments |
| Amount Charged | $10-$30 per inspection |
| Category | Default Costs |
| Sub-Category | Property Preservation Costs |
| Type | Photos adatext , adatext , adatext |
| Description | We may have contractors take photographs to document property condition and/or property preservation services performed. |
| Amount Charged | $0-$210 over life of default |
| Category | Default Costs |
| Sub-Category | Property Preservation Costs |
| Type | Securing the Property adatext , adatext , adatext , adatext , adatext |
| Description | If the property is discovered to be vacant and/or abandoned,contractors may be hired to secure the property. Services may include, but are not limited to, an initial secure of the property and, re-keying locks, securing doors; installing slide bolts, locks, barrel bolts, deadbolts and padlocks; installing security doors with padlocks; and/or boarding or bracing garage doors or windows. |
| Amount Charged | $0-$2,000 per event |
| Category | Default Costs |
| Sub-Category | Property Preservation Costs |
| Type | Securing In-Ground and Above Ground Pools, Spas, Jacuzzis and Hot Tubs adatext , adatext , adatext , adatext , adatext |
| Description | If the property is discovered to be vacant and/or abandoned, contractors may secure pools, spas, Jacuzzis and/or hot tubs. Services may include, but are not limited to, securing, covering, draining, disassembling, chlorinating and/or boarding or repair. |
| Amount Charged | $0-$3,000 per event |
| Category | Default Costs |
| Sub-Category | Property Preservation Costs |
| Type | Lawn Care/Snow Removal adatext , adatext , adatext , adatext , adatext |
| Description | If the property is vacant and/or abandoned, contractors may be retained to perform lawn care or snow removal. Services may include, but may not be limited to, periodically watering, trimming shrubs and/or cutting the grass. Snow removal may include removing snow from the entry walk, porch and/or driveway. |
| Amount Charged | $0-$750 per event |
| Category | Default Costs |
| Sub-Category | Property Preservation Costs |
| Type | Plumbing, Electrical, Heating & Cooling System Maintenance & Repair adatext , adatext , adatext , adatext |
| Description | If the property is vacant and/or abandoned, we may have contractors repair and/or maintain the systems on the property including the plumbing, electrical, heating & cooling systems. |
| Amount Charged | Based upon a bid by third party contractors. |
| Category | Default Costs |
| Sub-Category | Property Preservation Costs |
| Type | Winterize/De-winterize adatext , adatext , adatext , adatext |
| Description | If the property is vacant and/or abandoned, steps may be taken to protect the property from winter elements. Services may include but are not limited to, draining plumbing and heating systems, maintaining water services to houses where a community water service is involved, and/or turning off water supply to the property, etc. and may include the use of air pressure and/or adding anti-freeze to prevent freeze-ups. |
| Amount Charged | $0-$300 per event |
| Category | Default Costs |
| Sub-Category | Property Preservation Costs |
| Type | Debris Removal/Personal Property/Vehicle Removal adatext , adatext , adatext , adatext |
| Description | If the property is vacant and/or abandoned we may have contractors remove debris. Services may include but are not limited to the removal of hazardous or non-hazardous material, trash or personal property left behind (including non-functioning appliances, abandoned automobiles, boats, motorcycles, recreational vehicles and trailers or personal property). |
| Amount Charged | Based upon a bid by third party contractors. |
| Category | Default Costs |
| Sub-Category | Property Preservation Costs |
| Type | Utilities adatext |
| Description | If the property is vacant and/or abandoned, we may make water, electric and/or gas utility payments directly to the utility company and charge against the loan at the same amount. |
| Amount Charged | Based upon local utility rates. |
| Category | Default Costs |
| Sub-Category | Property Preservation Costs |
| Type | Damage Repairs adatext , adatext , adatext , adatext , adatext |
| Description | If the property is vacant and/or abandoned, we may have a contractor conduct repairs to address and fix identified damages to a property or otherwise take measures to prevent further damage from occurring. |
| Amount Charged | Based upon a bid by third party contractors. |
| Category | Default Costs |
| Sub-Category | Health & Safety Costs |
| Type | Cleaning adatext , adatext , adatext , adatext |
| Description | If the property is vacant and/or abandoned, we may have contractors provide cleaning services to address any Health and/or Safety issues. Services may include but not be limited to general cleaning, and cleaning refrigerators, stand alone freezer and toilets. |
| Amount Charged | Based upon a bid by third party contractors. |
| Category | Default Costs |
| Sub-Category | Health & Safety Costs |
| Type | Mold Remediation or Treatment adatext , adatext , adatext , adatext |
| Description | Services may be provided to treat or remediate mold or mold related damage in an attempt to prevent further damage and/or deterioration of the property. Molds, fungus, mildew, and similar organisms ("Mold Conditions") may exist in the Property of which the Servicer is unaware and has no actual knowledge. |
| Amount Charged | Based upon a bid by third party contractors. |
| Category | Default Costs |
| Sub-Category | Health & Safety Costs |
| Type | Capping Gas, Water, Sewer, Electrical adatext , adatext , adatext , adatext |
| Description | If the property is vacant and/or abandoned, we may cap gas, water, sewer lines and/or exposed electrical wires. |
| Amount Charged | Based upon a bid by third party contractors. |
| Category | Default Costs |
| Sub-Category | Health & Safety Costs |
| Type | Extermination & Pest Control Services, Termite Inspections and/or treatment adatext , adatext , adatext |
| Description | If the property is vacant and/or abandoned, we may coordinate fumigation by an extermination company. Services may include but are not limited to removal of vermin or other animals, termite inspection and/or treatment. |
| Amount Charged | Based upon a bid by third party contractors. |
| Category | Default Costs |
| Sub-Category | Foreclosure Costs |
| Type | Attorney/Trustee Costs adatext |
| Description | These are attorney costs incurred and assessed with respect to the foreclosure process. Trustee costs may be charged in non-judicial states. |
| Amount Charged | $0-$6,000 over life of default |
| Category | Default Costs |
| Sub-Category | Foreclosure Costs |
| Type | Process Server adatext |
| Description | We may have a process server who notifies all parties in interest of legal action in accordance with appropriate legal standards |
| Amount Charged | $0-$2,050 over life of default |
| Category | Default Costs |
| Sub-Category | Foreclosure Costs |
| Type | Publication/Posting adatext |
| Description | We may be required to advertise or publish notice of a foreclosure sale. |
| Amount Charged | $0-$2,400 over life of default |
| Category | Default Costs |
| Sub-Category | Title Costs |
| Type | Title Costs adatext , adatext |
| Description | This is the cost for the title report, utilized by the trustee or foreclosure attorney. The cost may be based on unpaid principal balance (UPB). Prior to initiating foreclosure action, we must confirm lien position and interested parties. This may also include a title search or abstract of title. |
| Amount Charged | $0-$1,850 over life of default |
| Category | Bankruptcy Costs |
| Sub-Category | Bankruptcy Costs |
| Type | Bankruptcy Costs adatext |
| Description | Once a bankruptcy is filed, attorney costs may be incurred as part of the bankruptcy process |
| Amount Charged | $0-$2,025 over life of bankruptcy |
| Category | Sub-Category | Type | Description | Amount Charged |
|---|---|---|---|---|
| Default Costs | Valuations Cost | Broker Price Opinion (BPO) adatext , adatext , adatext | We ask real estate brokers or other qualified individuals to provide an estimate of the market value of property. | $0-$140 per event |
| Full appraisal adatext , adatext , adatext | We ask appraisers for an appraisal of fair market value based on an inspection of the interior and/or exterior of a property. | $0-$810 per event | ||
| Automated Valuation Model (AVM) adatext , adatext | We may determine the estimated market value of the property by using statistical data pertaining to the area where the property is located. | Not applicable | ||
| inspection Cost | Inspection adatext , adatext , adatext | Inspections are performed to ensure that your property is occupied and appropriately maintained. This may occur if you are behind on your payments | $10-$30 per inspection | |
| Property Preservation Costs | Photos adatext , adatext , adatext | We may have contractors take photographs to document property condition and/or property preservation services performed. | $0-$210 over life of default | |
| Securing the Property adatext , adatext , adatext , adatext , adatext | If the property is discovered to be vacant and/or abandoned,contractors may be hired to secure the property. Services may include, but are not limited to, an initial secure of the property and, re-keying locks, securing doors; installing slide bolts, locks, barrel bolts, deadbolts and padlocks; installing security doors with padlocks; and/or boarding or bracing garage doors or windows. | $0-$2,000 per event | ||
| Securing In-Ground and Above Ground Pools, Spas, Jacuzzis and Hot Tubs adatext , adatext , adatext , adatext , adatext | If the property is discovered to be vacant and/or abandoned, contractors may secure pools, spas, Jacuzzis and/or hot tubs. Services may include, but are not limited to, securing, covering, draining, disassembling, chlorinating and/or boarding or repair. | $0-$3,000 per event | ||
| Lawn Care/Snow Removal adatext , adatext , adatext , adatext , adatext | If the property is vacant and/or abandoned, contractors may be retained to perform lawn care or snow removal. Services may include, but may not be limited to, periodically watering, trimming shrubs and/or cutting the grass. Snow removal may include removing snow from the entry walk, porch and/or driveway. | $0-$750 per event | ||
| Plumbing, Electrical, Heating & Cooling System Maintenance & Repair adatext , adatext , adatext , adatext | If the property is vacant and/or abandoned, we may have contractors repair and/or maintain the systems on the property including the plumbing, electrical, heating & cooling systems. | Based upon a bid by third party contractors. | ||
| Winterize/De-winterize adatext , adatext , adatext , adatext | If the property is vacant and/or abandoned, steps may be taken to protect the property from winter elements. Services may include but are not limited to, draining plumbing and heating systems, maintaining water services to houses where a community water service is involved, and/or turning off water supply to the property, etc. and may include the use of air pressure and/or adding anti-freeze to prevent freeze-ups. | $0-$300 per event | ||
| Debris Removal/Personal Property/Vehicle Removal adatext , adatext , adatext , adatext | If the property is vacant and/or abandoned we may have contractors remove debris. Services may include but are not limited to the removal of hazardous or non-hazardous material, trash or personal property left behind (including non-functioning appliances, abandoned automobiles, boats, motorcycles, recreational vehicles and trailers or personal property). | Based upon a bid by third party contractors. | ||
| Utilities adatext | If the property is vacant and/or abandoned, we may make water, electric and/or gas utility payments directly to the utility company and charge against the loan at the same amount. | Based upon local utility rates. | ||
| Damage Repairs adatext , adatext , adatext , adatext , adatext | If the property is vacant and/or abandoned, we may have a contractor conduct repairs to address and fix identified damages to a property or otherwise take measures to prevent further damage from occurring. | Based upon a bid by third party contractors. | ||
| Health & Safety Costs | Cleaning adatext , adatext , adatext , adatext | If the property is vacant and/or abandoned, we may have contractors provide cleaning services to address any Health and/or Safety issues. Services may include but not be limited to general cleaning, and cleaning refrigerators, stand alone freezer and toilets. | Based upon a bid by third party contractors. | |
| Mold Remediation or Treatment adatext , adatext , adatext , adatext | Services may be provided to treat or remediate mold or mold related damage in an attempt to prevent further damage and/or deterioration of the property. Molds, fungus, mildew, and similar organisms ("Mold Conditions") may exist in the Property of which the Servicer is unaware and has no actual knowledge. | Based upon a bid by third party contractors. | ||
| Capping Gas, Water, Sewer, Electrical adatext , adatext , adatext , adatext | If the property is vacant and/or abandoned, we may cap gas, water, sewer lines and/or exposed electrical wires. | Based upon a bid by third party contractors. | ||
| Extermination & Pest Control Services, Termite Inspections and/or treatment adatext , adatext , adatext | If the property is vacant and/or abandoned, we may coordinate fumigation by an extermination company. Services may include but are not limited to removal of vermin or other animals, termite inspection and/or treatment. | Based upon a bid by third party contractors. | ||
| Foreclosure Costs | Attorney/Trustee Costs adatext | These are attorney costs incurred and assessed with respect to the foreclosure process. Trustee costs may be charged in non-judicial states. | $0-$6,000 over life of default | |
| Process Server adatext | We may have a process server who notifies all parties in interest of legal action in accordance with appropriate legal standards | $0-$2,050 over life of default | ||
| Publication/Posting adatext | We may be required to advertise or publish notice of a foreclosure sale. | $0-$2,400 over life of default | ||
| Title Costs | Title Costs adatext , adatext | This is the cost for the title report, utilized by the trustee or foreclosure attorney. The cost may be based on unpaid principal balance (UPB). Prior to initiating foreclosure action, we must confirm lien position and interested parties. This may also include a title search or abstract of title. | $0-$1,850 over life of default | |
| Bankruptcy Costs | Bankruptcy Costs | Bankruptcy Costs adatext | Once a bankruptcy is filed, attorney costs may be incurred as part of the bankruptcy process | $0-$2,025 over life of bankruptcy |