Schedule of Fees

Loan Origination Fees

Common fees connected to obtaining a new mortgage loan will be assessed as stated below and will be reasonably related to the cost of rendering that service as permitted by law.

Underwriting Fee– covers the cost of reviewing the application to determine if it qualifies for the loan requested. Ranges from $700 - $850.

Appraisal Fee– paid to the 3rd party appraisal company for performing the evaluation for property value. Ranges from $400 - $1,000.

Credit Report Fee– paid to the 3rd party credit reporting agency for providing credit history on each applicant. Ranges from $18 - $187.

Flood Certification Fee– paid to the 3rd party flood determination company for analyzing the location of the real property to determine if the property lies in a flood hazard area as dictated by the Federal Emergency Management Association (FEMA). Ranges from $15 - $45.

Abstract or Title Search Fees– paid to the 3rd party for review of the title to the property to ensure the lender will have a perfected lien. Ranges from $85-$345.

Courier Fee– paid to 3rd party for delivery of loan closing package via mail. Ranges from $30-$200.

Construction Underwriting Fee– One half (1/2) of 1.00% of loan amount with a minimum of $1,000.

Lender’s Title Insurance– one-time purchase of insurance to cover the Bank in case it is later determined that the Bank’s lien is in jeopardy. Fee is based on loan amount and is set by NYS.

Settlement or Closing Fee- the cost for the services of the Bank’s attorney for preparing, reviewing, and closing the loan. Ranges from $800-$1,400.

Recording Fees– paid to the 3rd party for recording the legal documents in the governmental public office. Fees based on number of pages in documents to be recorded.

Transfer Taxes– paid to NYS and collected by the county where the property is located. Due when ownership of the property transfers to another. Fee is based on loan amount.

Tax Service Fee– this one-time fee of $62.00 is charged for borrowers who waive the escrow option offered by the Bank. The fee covers the third-party monitoring for real estate property taxes.

Hazard/Flood Insurance Tracking Fee– this one-time fee of $85.00 is charged for the outsourcing of tracking for hazard and flood insurance coverage on real property secured loans.

Late Fees- If your payment is more than 15 days late, your lender will charge a late fee of 2.00% of the principal and interest payment that is overdue. If your loan is part of a trial modification and you make timely payments, you will not be charged a late fee.