Frequently Asked Questions (FAQs)
If you have questions about your loan with The Money Source Inc. and would like to speak to someone, please give us a call at (866) 867-0330. Our team members are available Monday – Friday 8:00 am – 9:00 pm ET and Saturday 8:00 am – 12:00 pm ET to help you.
Standard Servicing Fee Schedule
The following fees may be charged for certain services related to the servicing of your loan. The actual fees charged may be different, or there may be no fee, depending on state law, and investor or insurer requirements. Please note the fees listed below are subject to change.
Standard Servicing Fee Schedule
The following fees may be charged for certain services you request
or services that occur related to the servicing of your loan. The actual fees
charged may be different, or there may be no fee, depending on state law, and
investor or insurer requirements. Please note the fees listed below are subject
to change.
Fee Type |
Description |
Amount |
Amortization Schedule |
We do not charge a fee for generating a copy
of the amortization schedule on a loan (but see Recast Fee). |
$0 |
Appraisal Fee |
Appraisal fees are charged when an appraisal
is required to determine the value of your property. Actual cost is based
upon the type of service rendered and is subject to local law and investor
guidelines. |
Actual cost Up to $1500 |
Assumption Fee |
Assumption fees are charged when a request
is made and approved to change the individual(s) legally responsible for the
loan. This fee is subject to state and investor limitations. *On VA Assumptions, a .5% Funding Fee is
required. *On USDA Assumptions, a 1% Guarantee Fee is
required. *Additional third party costs may apply. |
Up to $900 |
Automated Valuation Model |
AVM fees are charged when an AVM is required
to determine the estimated value of your property. |
$12 |
Bankruptcy Fees and Costs |
These fees and costs are incurred by the
Servicer once a borrower files for bankruptcy. Amounts vary in accordance
with bankruptcy type, jurisdictional requirements, and state law. |
Varies |
Broker Price Opinion (BPO) Fee |
BPO fees are charged when a BPO is required
to determine the value of your property. |
Actual
cost Up to $375 |
Express Mail |
The actual cost of expediting mail is
charged if requested by the borrower or an authorized third party. |
Actual cost |
Fax Fee/Electronic Delivery Fee |
We do not charge an additional fee for
electronic delivery or faxing of documents. |
$0 |
Foreclosure Fees and Costs |
These fees and costs are incurred by the
Servicer once the Servicer initiates foreclosure. Amounts vary in accordance
with jurisdictional requirements, state law, and investor guidelines. |
Varies |
Foreclosure Attorney Fees |
These fees are incurred for legal services
associated with the foreclosure process. Amounts vary in accordance with
jurisdictional requirements, state law, and investor guidelines. |
Up to $10,400 |
Inspection Fees |
Inspection
fees are incurred at the time of inspection which may be ordered monthly once
a loan becomes delinquent and/or following a disaster. The amount and
frequency of the fee is dependent on investor/insurer requirements. |
Up to $45 |
Insufficient Funds (NSF) or Returned Check
Fees |
NSF fees
are charged when a payment is returned due to insufficient funds in the
payee’s bank account. This fee is subject
to state and investor limitations. |
Up to $40 |
Late Charge Fee (%) |
Late charges are assessed for payments not
received by the due date plus any applicable grace period. Late charges are calculated
based on the terms of the Note, subject to state and investor limitations.
Late charges specific to your loan can be found on your billing statement. |
Up to 5% |
Lien Release Fee |
Lien release fees are charged at payoff for
preparing the documents to release the lien on the property. This fee is subject
to state and investor limitations. |
Up to $45 |
Litigation Fees and Costs |
These fees and costs are incurred by the
Servicer in order to litigate a claim made by or against a borrower. Fees and
costs vary by type of litigation. |
Varies |
Loss Mitigation Processing/Loan Modification
Fee |
We do not charge a fee for processing a loss
mitigation application or for modifying a loan. |
$0 |
Notary Fee |
Notary fees are charged when documents are
required to be notarized in line with state or investor requirements. |
Actual cost |
Partial Lien Release Fee |
Partial lien release fees are charged for
processing, evaluating, and approving requests to voluntarily release or
modify collateral. |
$250 if applicable |
Payment Processing Fees |
We do not charge a fee for making a payment online,
by phone using our IVR system or with an agent, or by mail. Visit Payment
Methods and Information under our online FAQs for all the free and convenient
ways to pay. |
$0 |
Payoff Statement |
A fee may be charged for each occurrence of
generating a payoff statement upon request, subject to state and investor
limitations. |
Up to $60 |
Property Preservation Fees and Costs |
These costs are incurred when a property is
vacant, and services are required to maintain the property and prevent
damage. Costs vary by property conditions, local law, and insurer
requirements. |
Varies |
Recast Fee |
A recast fee is charged for recasting or
re-amortizing the loan after a substantial sum is paid to reduce the unpaid
principal balance of the loan and lower the required monthly payments. |
$300 |
Recording Fee |
Recording fees are charged when loan
documents are recorded with states, counties or municipalities. Recording
fees vary by individual jurisdiction. |
Actual cost |
Title Search |
This fee is charged when a title search is
required on the property securing a loan we are servicing. Costs vary by
state requirements and associated vendor fees. |
Actual cost |
Verification of Mortgage |
We do not
charge a fee for processing and issuing a verification of your mortgage to a
third party. |
$0 |
Arkansas: Foreclosure attorney fees of up to $1,800. Insufficient
Funds (NSF) fee of up to $25. Lien release fee up to $10, plus actual recording
fees. Payoff statement fee of up to $10. All other fees above apply.
Connecticut: Foreclosure attorney fees of up to $3,725. NSF
fee of up to $20. Lien release fee up to $10, plus actual recording fees. Payoff
statement fee of up to $10 (one free per calendar year). All other fees above
apply.
Georgia: Foreclosure attorney fees of up to $1,800. NSF fee
of up to $30. No fee for lien release; actual recording fees apply. Payoff
statement fee of up to $10 (first free, $10 for duplicates within 60 days of fulfillment
of previous request). All other fees above apply.
Hawaii: Foreclosure attorney fees of up to $10,400. NSF fee
of up to $20. No fee for lien release; actual recording fees apply. Payoff
statement fee of up to $10 (five free per calendar year). All other fees above
apply.
Montana: Foreclosure attorney fees of up to $1,925. NSF fee
of up to $30. Lien release fee up to $10, plus actual recording fees. Payoff
statement fee of up to $10. All other fees above apply.
Nevada: Foreclosure attorney fees of up to $2,125. NSF fee of
up to $25. Lien release fee up to $10, plus actual recording fees. Payoff
statement fee of up to $60. All other fees above apply.
New Jersey: Foreclosure attorney fees of up to $4,775. NSF
fee of up to $20. No fee for lien release; actual recording fees apply. Payoff
statement fee of up to $10. All other fees above apply.
New York: Foreclosure attorney fees of up to $5,675. NSF fee
of up to $20. Late charge fee % of up to 4%. No fee for lien release; actual
recording fees apply. Payoff statement fee of up to $20 (five free per calendar
year). All other fees above apply.
North Carolina: Assumption fees range from $125-$400. Foreclosure
attorney fees of up to $2,350. NSF fee of up to $35. Late charge fee % of up to
4%. Lien release fee up to $10, plus actual recording fees. Payoff statement
fee of up to $25 (first request free in a 6-month period). All other fees above
apply.
Oregon: Foreclosure attorney fees of up to $3,925.
Insufficient Funds (NSF) fee of up to $25. Lien release fee up to $10, plus
actual recording fees. Payoff statement fee of up to $10. All other fees above
apply.