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Mortgage Servicing Fees

Mortgage Servicing Fees

Name of FeeFee DescriptionFee Range
Late charges

A late charge may be assessed if you do not meet your mortgage payment deadline and are unable to make your payment within the grace period.

Follow the link to the Bank of America, N.A. online help screens for more information on Mortgage Payments and how to avoid late charges: Help Center for Mortgage Payment

Late charges are based on a contracted amount, loan type and state regulations. The amount charged will not be greater than what is permitted by the most restrictive of the contract documents, the loan type and applicable state legal restrictions. Please consult your loan documents or follow the link in the Description to online help screens for more information.

PayPlan

PayPlan is a service that allows you to make automatic payments from your checking or savings account.

There are 4 different services to choose from: PayPlan 12, PayPlan 24, PayPlan 26 and PayPlan 52. The number refers to the number of automated deductions from your checking or savings account per year that will apply to your monthly payments.

PayPlan options may not be available for all products in all states.

For more information regarding PayPlan Services, Please call our Customer Service at 1.800.669.6607, Monday - Friday, 7 a.m. to 7 p.m. local time.

There are no enrollment fees for PayPlan Services.

PayPlan 12 has no transaction fees when drafting from a Bank of America checking or savings account for payment. If you are drafting from a non-Bank of America account, there is no transaction fee when the payment is drafted during the first half of your grace period.  If your payment is drafted during the second half of your grace period, there is a $4.00 transaction fee that will be included at the time of your payment.

PayPlan 24 has no transaction fee when drafting from a Bank of America checking or savings account for payment. If you are drafting from a non-Bank of America account, there is a transaction fee of $4.00 per draft. For example, PayPlan 24 allows for two drafts per month. Each draft will include a $4.00 transaction fee at the time of deduction.

PayPlan 26 has no transaction fee when drafting from a Bank of America checking or savings account for payment. If you are drafting from a non-Bank of America account, there is a transaction fee of $4.00 per draft. For example, PayPlan 26 allows for bi-weekly drafts. Each draft will include a $4.00 transaction fee at the time of each deduction.

PayPlan 52 has no transaction fee when drafting from a Bank of America checking or savings account for payment. If you are using a non-Bank of America account, there is a transaction fee of $2.00 per draft. For example, PayPlan 52 allows for weekly drafts. Each draft will include a $2.00 transaction fee at the time of each deduction.

Please refer to the deposit agreement for the account from which you would like PayPlan drafts to occur, as it is separate from the PayPlan service referenced above and may indicate what fees, if any, may be charged for deposit-related services. 

Mortgage Pay on the Web

Mortgage Pay on the Web is a Web-based service that allows you to schedule one-time mortgage payments via the Bank of America, N.A. Online Banking website.

For more information regarding Mortgage Pay on the Web please call our Customer Service at 1.800.669.6607, Monday - Friday, 7 a.m. to 7 p.m. local time.

If you use a Bank of America checking or savings account for payment, there are no fees for using MortgagePay on the Web; however, late charges may still apply.

If you are paying from an account at a bank other than Bank of America, this service is available at no charge when scheduling your payment to be deducted on available draft dates during the first half of your grace period or before. When scheduling your payment to be drafted during the second half of your grace period, you will be charged a $6 fee that will be included at the time of your deduction. Again, late charges may still apply.

Check by Phone / automated phone system payment Fee

Fee charged for making mortgage payments over the telephone.

The fee for a phone payment collected via our automated phone system may be up to $15

The fee for a phone payment collected by a representative may be up to $20

If there is a fee, the amount will be communicated to you if a payment is scheduled by phone. The fee will be deducted from your checking or savings account along with the amount of the payment on the business day that you schedule the transaction.

Expedited Payoff Demand

An Expedited Payoff Service Fee is charged for receiving a written payoff demand by fax or other expedited means, if allowed by applicable law. The service includes free, automatic updates in the event the payoff amount changes prior to the expiration of the demand.

Written payoff demands requested to be delivered via United States Postal Service will not incur a service fee.

Follow the link to the Bank of America, N.A. online help screen for more information on Mortgage Loan Payoffs and Fees for Special Services: Help Center for Pay off calculation

The Expedited Payoff Service Fee/Payoff Demand Fee (non-FHA) (expediting a payoff statement/demand) can be up to $30*.

Payoff statement via facsimile fee (FHA only) (faxing a payoff statement) is $5*.

*There is no charge for mailing the payoff statement/demand by regular U.S. mail.

Release Fees

A Reconveyance/Release Fee is a fee for certain services involved in the preparation and execution of documents necessary to reconvey or release the security instrument.

Follow the link to the Bank of America, N.A. online help screen for more information on Fees for Special Services: Help Center for Pay off Release fee

If you pay off or refinance your loan, you may incur a fee of up to $100 for the preparation of the documents to release your lien (this is sometimes called a reconveyance fee).

Return Item (NSF)

We may charge you a fee for any payment returned or rejected by your financial institution, subject to applicable law.

Follow the link to the Bank of America, N.A. online help screen for more information on Mortgage Payments and fees for returned payments: Help Center for Mortgage Payment Return

Return Item Fee runs up to $40, subject to applicable law.
Annual fee [HELOCs]

There is a fee for annual maintenance of a home equity line of credit (HELOC).

Follow the link to the Bank of America, N.A. online help screen for more information on fees and other information about your HELOC Account: Help Center for HELOC Annual Fee

HELOC annual fees are determined at loan origination and can be based on contracted amount, loan type, and/or state regulations. Please contact 1.800.669.6607 to determine your HELOC's annual fee.

Note: For questions about anything above, including additional no-cost and low-cost options for making your mortgage payment, please call 1.800.669.6607.