Loan Origination Fees
Fees typically associated with WSB mortgage loans.
Mortgage Fee Schedule
Below are some 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.
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Underwriting Fee: $700
Covers the cost of reviewing the application to determine if it qualifies for the loan requested.
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Lender’s Title Insurance: One-time purchase of insurance to cover WSB in case it is later determined that WSB’s lien is in jeopardy. Fee is based on loan amount and is set by the State of New York. |
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Construction Underwriting Fee: $1,500
Jumbo Loans: One quarter (1/4) of 1.00% of loan amount.
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Settlement/Closing Fee: from $825-$1,400
The cost for the services of the WSB’s attorney for preparing, reviewing, and closing the loan.
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Appraisal Fee: from $425-$1,500
Paid to the third-party appraisal company for performing the evaluation for property value.
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Recording Fees– Paid to the third party for recording the legal documents in the governmental public office. Fees based on number of pages in documents to be recorded.
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Credit Report Fee: from $23 - $231
Paid to the third-party credit reporting agency for providing credit history on each applicant.
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Transfer Taxes– Paid to the State of New York 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. |
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Flood Certification Fee: from $15 - $45
Paid to the third-party 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).
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Tax Service Fee: $62.00
One-time fee of charged for borrowers who waive the escrow option offered by WSB. The fee covers the third-party monitoring for real estate property taxes.
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Abstract/Title Search Fees: from $85-$345
Paid to the third party for review of the title to the property to ensure the lender will have a perfected lien.
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Hazard/Flood Insurance Tracking Fee: $85.00
One-time fee charged for the outsourcing of tracking for hazard and flood insurance coverage on real property secured loans.
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Courier Fee: from $30-$200
Paid to the third party for delivery of loan closing package via mail.
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Late Fees - If your payment is more than 15 days late, WSB 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.
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