Loan Origination Fees
Common fees connected to obtaining a new mortgage loan will be assessed as stated below and will be reasonably related to the cost of rendering that service as permitted by law.
Underwriting Fee – covers the cost of reviewing the application to determine if it qualifies for the loan requested. Ranges from $675 - $825.
Appraisal Fee – paid to the 3rd party appraisal company for performing the evaluation for property value. Ranges from $125 - $650.
Credit Report Fee – paid to the 3rd party credit reporting agency for providing credit history on each applicant. Ranges from $12 - $117.
Flood Certification Fee – paid to the 3rd party flood determination company for analyzing the location of the real property to determine if the property lies in a flood hazard area as dictated by the Federal Emergency Management Association (FEMA). Ranges from $15 - $45.
Abstract or Title Search Fees – paid to the 3rd party for review of the title to the property to ensure the lender will have a perfected lien. Ranges from $85-$345.
Courier Fee – paid to 3rd party for delivery of loan closing package via mail. Ranges from $30-$150.
Lender’s Title Insurance – one-time purchase of insurance to cover the Bank in case it is later determined that the Bank’s lien is in jeopardy. Fee is based on loan amount and is set by NYS.