Maine

FEE TYPE

FEE AMOUNT

WHEN CHARGED

Appraisals

Typically, $350-$1,800, depending on property and location, and as permitted by the terms of your loan documents

The cost if we required a Maine licensed Real Estate Appraiser to determine the current condition and value of the mortgaged property.

Assumption

Up to $1,800 plus closing costs – As allowed by law, as permitted by the terms of your loan documents, and based on investor guidelines

This fee may be charged for the processing and underwriting of the application and the preparation of necessary documents if we agree to allow your loan obligation to be assumed by a third-party.

Attorney Fees and Costs

Typically, $2,300-$5,400 as permitted by law and the terms of your loan documents

If a foreclosure on your loan is required, the fees and costs associated with services rendered by our legal counsel that handle the foreclosure case will be paid by you. The complexity of the individual case could result in fees and/or costs that exceed the typical range.

Automated Valuation Model (AVM)

Typically, $6-$15, depending on property and location, as permitted by law, and the terms of your loan documents

The cost if we required an Automated Valuation to determine the current estimated value of the mortgaged property.

Brokers Price Opinion (BPO)

Typically, $350-$1,800, depending on property and location, as permitted by law, and the terms of your loan documents

The cost if we required a Maine licensed Real Estate Appraiser to determine the current condition and value of the mortgaged property.

Certified/Overnight Mail Fees

Typically, $40-$100 as permitted by law, and by the terms of your loan documents

This fee may be charged to mail a document certified or overnight.

Escrow Waiver Fee

The greater of 0.25% of the current principal balance or $150, as permitted by state law and terms of your loan documents

This fee may be charged when a borrower requests escrow to be removed from the loan.

Home Equity Line of Credit (HELOC) Annual Fee

Based upon the terms of the HELOC agreement and as permitted by law

This fee may be charged annually for an open HELOC based on the terms of the agreement.

Late Fee

An amount normally a percentage of the monthly installment, depending on the type of loan and the provisions in your loan documents, and in accordance with Maine statutory requirements

This fee will be assessed if your monthly payment is not received before the grace period ends and in accordance with the terms of your loan documents.

Lien Release Processing

Varies – Costs incurred to prepare a lien release/satisfaction of mortgage as well as the actual recording cost(s) as permitted by law, and by the terms of your loan documents.  Costs may include but not be limited to document preparation, postage for returning original collateral documents and notifications to borrowers that the loan has been paid in full and released/satisfied and actual recording costs charged by the county

At the time of payoff, the estimated cost to prepare and record the lien release/satisfaction of mortgage in the public land records, as well as draft any required notifications and return original collateral documents, is calculated and assessed

Non-Sufficient Funds (NSF)/Return Check Fee

Up to $25 as permitted by the terms of your loan documents and Maine law

This fee will be assessed for handling a check, if your bank returns it unpaid or for any reason such as insufficient funds, uncollected funds, stopped payment, not properly endorsed, etc.

Payment Fee

No Charge

This fee is for making a payment with an agent over the phone.

Payoff Statement Preparation Fee

As permitted by law: Up to $1 for statements ordered from an agent over the phone. No charge for statements requested through the Cornerstone website

This fee is the charge to prepare the payoff statement.

Property Inspection Fee

Varies – typically $15-$60 as permitted by law, the terms of your loan documents, and investor guidelines

This fee will be charged if we are required or we determine it is necessary to inspect the property to determine the condition and occupancy of the mortgaged property.

Property Preservation Fee

Typically, $10 - $25,000 bond (may vary by loan type, city/state, property lot size, grass height, etc..) and as permitted by law, the terms of your loan documents, and investor guidelines

The cost incurred to maintain the property if the mortgaged property is vacant and/or the cost for vacant property registration.

Recast

Up to $300 as permitted by law, and the terms of your loan documents

The fee charged if you request us to re-amortize your loan or if you make a large principal payment (curtailment).

Reconveyance Fee

Varies - The cost charged by the county or agency, and as permitted by your loan documents

This fee may be assessed to record a reconveyance.

Recording Costs

Varies - The cost charged by the county or agency

This cost is associated with recording documents with the property county or state as part of the servicing of your mortgage loan.

Subordination Fee

No Charge

This fee will be assessed if the lien position of your loan is adjusted to be junior to other liens on the property and we process a subordination agreement with you.

Title Search

Varies - typically, $75-$2,000 as permitted by law, the terms of your loan documents, based on loan type, and property location

This fee will be assessed to conduct a title search if the mortgaged property is referred to foreclosure.

Verification of Mortgage (VOM)

No Charge

The cost to prepare a VOM, providing the existing balance and payment history on your loan.

Wire Fee

No Charge

The fee assessed with processing a wire transfer to your bank account.