Posted by James Dawson on 4/8/11 1:00pm
Msg #379165

B o A loan associated Fees notice

I just got a notice in the mail from my lender regarding 'special services" regarding mortgage or home equity loans. I find it interesting since they are one of the companies that require faxbacks.

In the notice, they listed fees for faxing a payoff statement ($5.00) and mortgage verification to a third party ($15.00) along with an additional fee of $30.00 to "expedite" the process.

WOW, what genius thinks of these type fees?

Reply by ME/NJ on 4/8/11 1:53pm
Msg #379175

If someone will pay why not charge

Someone has to move, type a letter. Plus it will make you feel better when I say we won't charge you that fee.

Reply by MW/VA on 4/8/11 2:26pm
Msg #379181

Cracks me up. They charge a fee for everything, but then

we're asked to fax entire loan pkgs. for no additional fees. LOL What is wrong with this picture????

Reply by James Dawson on 4/8/11 3:01pm
Msg #379188

Re: Cracks me up. They charge a fee for everything, but then

exactly my point! $5.00 for one fax?

Reply by JanetK_CA on 4/8/11 11:08pm
Msg #379265

And a very good point it is!! Talk about a double standard! n/m

Reply by Stamper_WI on 4/8/11 2:31pm
Msg #379184

There is a bank here that charges $20 for a faxed payoff statement. It's all computerized faxing so it invilves the computer figuring the amount yet and hitting "fax" after entering the fax number. Other than entering the loan number and payoff date, that is all that is involved.

Reply by C. Rivera Chicago Notary Services on 4/8/11 2:32pm
Msg #379185

they're just trying to catch up with Chase and their ridiculous fees....$5.00 ATM fees...

Reply by James Dawson on 4/8/11 3:03pm
Msg #379189

Didn't WF buy Chase? maybe those are the employees WF laid off.

Reply by C. Rivera Chicago Notary Services on 4/8/11 3:45pm
Msg #379193

Hmmm...not sure, but would explain WHY my landlord has

been moping around the building lately...he worked for Chase and probably got laid off! OUCH...

Reply by Linda_H/FL on 4/8/11 3:07pm
Msg #379190

Re: B o A loan associated Fees notice...just so you know

these are not new fees....may be new to YOU because you didn't know they were there, but...

Back in the day...on the other side of the desk....it's ME that lenders always charged fax fees of $5, $10, sometimes as much as $25, for payoff letters; also a fee to expedite that payoff letter; can't say I've ever run into a third party verification but I wouldn't be surprised if there was this fee back then too.

New disclosure laws these days make it mandatory that everyone be told about this annually, but these fees have been in the industry for decades....

MHO