MORTGAGE SERVICING & ADMINISTRATION FEES

Mortgage Administrator’s current schedule of administration and servicing fees includes the following charges:

$250.00           NSF/Returned Payment or Late Fee: Payable for each NSF cheque or other returned payment.

 

$105.00           Manual Debit Fee: Payable for processing a manual debit from the borrower’s pre-authorized bank account or for administrating any stop payment of a  cheque or pre-authorized debit or arranging for processing of any payment other than on the payment due date.

 

$75.00                 Stop Payment/Re-Arrange Payment Fee: Payable for administering any stop payment of a cheque or other negotiable instrument and for arranging for processing of any payment other than on the payment due date.

 

$25.00                 Payment Processing Fee: Payable for processing a cheque or any other form of payment method, to be applied to a mortgage account.

 

AT LEAST          Fee for Renewal or Conversion of Mortgage Loan for Residential Properties:

$750.00               Payable for each loan renewal or auto renewal and for each conversion from an adjustable to a fixed rate. In case of non-residential            properties, the fee is at least 1% of the outstanding principal balance or $750, whichever is greater.

 

$300.00           Maintenance Fee: Annual administration fee for processing, system upgrades, software licensing, file maintenance, scanning, data storage, data retention and customer service. The fee plus applicable taxes is charged to the mortgage loan from the advance if originally administered by us, otherwise it is charged to the account quarterly.

 

 

$100.00           Fee for Mortgage Loan Statements: Payable for preparation for each statement. In some provinces, the borrower(s) are entitled to free periodic statements. In these provinces, the fee will apply to any additional statements only.

 

AT LEAST

$500.00           Fee for Purchase Approval: Payable for processing each application for sale, transfer or other disposal of the property, whether or not approved or  completed.

 

$300.00           Tax Administration Fee: Payable for the administration for property tax account and for the processing and payment of taxes. The fee plus applicable taxes is charged to the mortgage loan account quarterly, unless disbursed to the borrower.

 

$495.00           Discharge Administration Fee: Payable for the preparation of a mortgage discharge statement. (Electronic Registration will be an additional cost, if applicable)

 

$395.00           Postponement Fee: Payable for consideration of each request for a postponement and for completion of postponement documents, whether or not approved or completed.

 

$100.00           PPSA Registration Fee: Including, but not limited to registration of renewal, discharge, name change, etc. (not applicable in Quebec).

 

$395.00           Insurance Administration Fee: Payable for investigating insurance status, administrative charges in insurance and other matters related to insurance on the Property.

 

$100.00           Payment Frequency Change: Payable for all payment frequency changes during the term of the mortgage (i.e. bi-weekly/monthly)

 

$150.00           Amortization Adjustment: Payable for any increase or decrease in the amortization period outside the maturity date of the mortgage.

 

$50.00             Amortization Schedule: Payable for the preparation of each statement other than the one, prepared at mortgage origination.

 

AT LEAST

$1,795.00        Legal Administration Fee: Payable for the preparation of a file commencing legal action.

 

$100.00            Tax Status Inquiry: Payable for the preparation of any tax inquiries, other than the year end statement.