Type of Fee | Fee Amount | Reference |
Type of Fee | Fee Amount | Reference |
Application fee (Loans, loan guarantee or loan participation) | A nonrefundable application fee of $150 shall be required with each application. This fee can be applied toward the origination fee. However, if the origination fee is less than $150, the application fee shall still remain at $150 and remains nonrefundable. Upon receiving loan approval, an additional $250 will be requested to apply toward the costs to prepare the closing documents. | Ord. 419 |
Original loan | 1% origination fee, plus normal closing costs | Ord. 419 |
Successive loan | ½% origination fee, plus normal closing costs | Ord. 419 |
Assumption fee | 1% of loan balance to be assumed, plus normal closing costs | Ord. 419 |
Loan modification | Fee of $150, plus legal costs (if any) | Ord. 419 |
Loan renewal | Fee of $100, plus legal costs (if any) | Ord. 419 |
Bank req. subordination | Fee of $100, plus legal costs (if any) | Ord. 419 |
Fee for late payments | If the regular monthly payment is not received within 15 days of due date, borrower shall be charged a late fee equal to the lesser of 2% of the monthly payment of $20, unless otherwise provided in the loan agreement. The late charge shall be considered unpaid if not received within 30 calendar days of the missed due date for which it was imposed. Any unpaid late charge(s) shall be collected when the loan is paid off. Acceptance of a late charge by the agency does not constitute a waiver of default. | Ord. 419 |
Other closing costs | The applicant may be required to pay some costs up front. An example would be appraisal fees. | Ord. 419 |
(Prior Code, § 24-14) (Ord. 419, passed 11-29-2004)
2017 S-14