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Mortgage Release Fees

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  • #2389
    cbg7811
    Participant

    The local attorney has sent notice that he will be charging $50 in the future for mortgage releases and extensions. My questions are:

    What are the fee charges for your bank?

    May we charge this fee in the payoff amount for all those mortgages in the future where we have not collected the fee; and

    where would we disclose the fee on the RESPA GFE for future accounts? The fee may be 20 years down the road so we will have to
    store it somewhere since the attorney doing the mortgage may not even be in business when the release is needed. Would it just be an origination charge?

    Thanks.

    #2765
    JGo9
    Participant

    cbg7811,

    We do our own thus we don’t have that charge from an attorney.

    If you are not disclosing that fee to your customers I would advise against charging it.

    You would disclose the fee with the other attorney fees onf the GFE.

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