We require a minimum of 20 loans (exceptions are made for non-profit organizations). Below is our 2025/2026 pricing.
Loan Count
Standard Rate
Non-Profit
Discount Rate
1-19
$35
$28
20-49
$30
$24
50-99
$25
$20
100-199
$22.5
$18
200-499
$20
$16
500-999
$17.5
$14
1000+
$15
$12
Pricing
For the level of loan servicing provided, our pricing sets us apart:
Standard Loan Servicing Fees
The following fees represent standard charges associated with loan servicing and account management. These fees are assessed based on specific events or services rendered throughout the life of your loan.
Fee Type
Amount
Description
Paid By
Loan Servicing Fee
As Quoted
Monthly fee charged by the servicer for performing ongoing loan management and account administration duties
Lender
Note Sizes $1mm-$3mm
$75.00
Minimum monthly servicing fee of $75 per month for loans with principal balances between $1 million and $3 million
Lender
Note Sizes above $3mm
$150.00
Minimum monthly servicing fee of $150 per month for loans with principal balances exceeding $3 million
Lender
Late Payment Fee
50% of late fee amount specified in loan documents
Fee assessed when payment is not received by the end of the grace period specified in the loan agreement
Borrower
Dishonored Payment Fee
$0 – $25
Fee charged when a payment is returned due to insufficient funds, stopped payment, or other bank rejection reasons
Borrower
Verification of Mortgage
$25
Fee for processing requests from other financial institutions or mortgage companies requiring detailed account information and payment history for refinancing or other purposes
Borrower
Close-Out/Demand Fee
$0 – $75
Administrative fee for preparing payoff statements, calculating final balances, and processing loan closure after full repayment or refinancing
Borrower
Wire Transfer Fee
$100.00
Fee charged when the lender requests expedited fund transfer via wire transfer instead of standard ACH processing
Lender
Specialized Servicing Fees
The following Lender fees apply to specialized servicing situations, portfolio management activities, and custom requests that require additional administrative work or research.
Service Type
Fee
Description
Initial Onboarding Fee – New Loans
$100.00
One-time setup fee for establishing a new loan in the servicing system, including data entry, document imaging, and borrower portal setup
Non-Performing Loan Onboarding
$250.00
Enhanced onboarding fee per loan that is more than 120 days delinquent, requiring additional review, documentation, and potential legal coordination
Portfolio Transfer In Fee – Active Loans
$100.00
Custom fee per loan to onboard active loans into Servicer’s systems.
Bankruptcy Fee – In-House Compliance
$250.00
A one-time administrative fee for modifying servicing systems, implementing payment restrictions, and coordinating with bankruptcy counsel when a borrower files for bankruptcy protection
Ongoing Bankruptcy Monitoring
$100.00
Quarterly Fee to our in-house BK team to monitor the account
Additional Funding Investors
$15 each
Additional fee of $15 per month added to the quoted servicing fee for each additional funding investor beyond the primary lender
Maturity Warning Notice
$25.00
Administrative fee for preparing and sending formal notification to borrower and lender 30-90 days prior to loan maturity date
Lender Bank Account Update
$50.00
Processing fee for updating lender banking information in the servicing system, including verification and testing of new account details
Early Close-Out Fee
$100.00
Administrative fee for processing early loan closures, including deed-in-lieu of foreclosure, short payoffs, note sale, or other non-standard terminations requiring additional servicer coordination and documentation.
Qualified Written Response
$250.00
Fee charged to the lender for researching, preparing, and responding to a Qualified Written Request (QWR) submitted by a borrower pursuant to RESPA Section 6, including review of loan records, correspondence with the borrower, and documented resolution of the inquiry.
Loss Mitigation Application and Processing
$100.00
Fee charged to the lender for administering the loss mitigation process on a delinquent loan, including borrower outreach, collection and review of financial documentation, evaluation of workout options (forbearance, repayment plan, loan modification, or other alternatives), and maintenance of required regulatory records.
Certified Mail Fee to accounts over 45 days delinquent
$25.00
Cost for sending required certified delinquency notice via certified mail when the loan becomes more than 45 days delinquent. Processed monthly.
Foreclosure Classification
$100.00
System modification fee for updating loan status to foreclosure classification and coordinating with legal counsel and other parties
Mortgage Modifications
$450.00 (simple) / $650.00 (complex)
Fee for preparing, processing, and recording a formal loan modification agreement. Simple modifications include capitalization or forgiveness of arrears, or straightforward principal reduction. Complex modifications include balloon payment provisions, step-rate structures, multiple-increment arrears waivers, or other non-standard terms. Includes system updates, execution coordination, and county recording compliance.
Release of Lien/ Satisfaction of Mortgage
$150.00
Fee for preparing and recording a release of lien or satisfaction of mortgage upon full loan payoff, including compliance tracking, county recording coordination, and lender notification (limited power of attorney from Lender is required for this service)
Loan Term Update/Reset
$50.00
Fee for processing changes to loan terms, payment schedules, interest rates, deferral programs, or other contractual modifications
Transfer Out Fee
$50.00
Per-loan administrative fee charged to the lender when an active servicing portfolio is transferred to another servicer, including preparation of goodbye/hello notices, data file export, trailing document coordination, and regulatory compliance for the transfer. Proof of successor servicer licensing required.
Property Inspection Fee
$50.00
Fee per inspection for ordering and coordinating drive-by or exterior property inspections on delinquent loans, including reporting results to the lender and updating loan records.
Construction Draw Disbursement Fee
$100.00
Per-disbursement fee for processing and disbursing construction loan draw requests, including review of draw documentation/inspection reports, coordination with the lender, and wire or ACH transmission of funds.
Insurance Loss Draft Disbursement
$100.00
Fee for administering insurance loss draft proceeds on damaged properties, including coordination with the insurer, borrower, and lender, verification of repairs, and disbursement of funds per applicable guidelines.
TILA Ownership Transfer Notice
$25.00
Per-loan fee for preparing and sending required TILA Section 404 ownership transfer notices to borrowers upon transfer of loan servicing, ensuring compliance with applicable federal disclosure requirements.
IRS Backup Withholding Administration
$50.00 per payment
Fee per payment for administering IRS backup withholding requirements on applicable interest disbursements, including withholding calculation, remittance to the IRS, and preparation of required annual tax filings (Form 945).
Data Research / Special Request Fee
$150.00 per hour
Hourly fee for ad hoc lender research requests, data reconstruction, missing loan setup data, custom reporting, or other special requests that fall outside the scope of standard servicing, billed in one-hour increments.
Forbearance Plan Negotiation and Setup
$250.00
Fee charged to the lender for negotiating, documenting, and administering a forbearance agreement with a delinquent borrower, including payment plan structuring, borrower communications, and servicing system implementation of the plan terms.
Deferral Agreement
$250.00
Fee for preparing and implementing a deferral agreement that moves past-due amounts to the back of the loan to bring the account contractually current, including documentation, borrower execution, and system updates.
Extension Agreement
$250.00
Fee for preparing an agreement to extend the maturity date of a loan, including documentation, borrower and lender execution, and coordination of recording with the applicable county.
Assumption Agreement
$500.00
Fee for processing a formal assumption agreement in which a new borrower takes over the obligations of an existing loan, including documentation preparation, credit review coordination, borrower and lender execution, and servicing system updates.
Foreclosure Coordination Fee
$250.00
Administrative coordination fee for managing the foreclosure process on a defaulted loan, including referral to and management of foreclosure counsel, preparation of required servicer certifications and affidavits, regulatory compliance, and ongoing communication with the lender. Separate from the Foreclosure Classification system fee and all third-party legal costs.
Assignment Preparation
$150.00
Fee for preparing a mortgage assignment document transferring the lender’s interest in the loan to another party, requiring an unbroken chain of title. Includes document drafting and coordination of execution. Recording fees are additional and billed at cost.
Important Notes:
All fees are subject to the terms and conditions outlined in your servicing agreement. Fees marked as “Quoted” will be provided in writing prior to service delivery. Some fees may be adjusted based on loan complexity, portfolio size, or regulatory requirements. For questions about fees or billing, please contact Covey Financial’s servicing department. These fees are deducted from monthly loan disbursements to the lender.
