Banking Resources
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These are the common charges associated with our loan products.
Listed below are the charges you may incur during the life of your loan with BankFive. Please note these fees are subject to change at any time without notification. If you have any questions, please don't hesitate to contact us.
Loan Payment via Website | $5.00 | A fee charged when the loan is paid via website. Our loan payment service provider is Unipay. |
Loan Payment via Phone | $10.00 | A fee charged when using an external bank account by phone with the assistance of a BankFive Teammate. |
Loan Payment via Online Banking | $0.00 | No fee is charged when using the BankFive online-banking portal to make a loan payment. |
Loan Payment via Automated Clearing House (ACH) | $0.00 | No fee is charged when using a preauthorized payment method, such as online bill-pay or automatic payment authorizations. |
Return Check Charge | $28.00 | A fee charged when a loan payment is rejected by the financial institution for any reason. Commonly referred to as NSF (non-sufficient funds). |
Appraisal Request for Removal of Private Mortgage Insurance (1-4 Family) | Ranges $475 - $650 (determined at the time of request) | A fee paid to a Licensed Real Estate Appraiser to provide a property valuation. |
Broker's Price Opinion (BPO)/Market Analysis for Removal of Private Mortgage Insurance | $100.00 | A fee charged when a Broker's Price Opinion report is required to determine the value and condition of the property. Only the actual cost of the BPO is charged. |
Legal/Trust Review | $250.00 | A fee charged to compensate an attorney for reviewing trust documents. |
Payoff Letters | $15.00 each | A fee charged when providing a statement of the amount of the unpaid balance of a loan secured by a mortgage, including principal, interest, and any other charges properly due under or secured by the mortgage, and interest on a per day basis for the unpaid balance. |
Re-Amortization Processing Request | $350.00 | A fee charged to the borrower to re-amortize the loan, usually after a significant curtailment (pay down of money to the principal) is made to. the loan. |
Recording Discharge Request | $5.55 | A fee charged by our recording service, CSC ePrepare. There is an additional recording fee charged by the county: Rhode Island counties charge $49.00 per discharge recording. Massachusetts: Norfolk County charges $106.00 per discharge and $105.00 (if recorded in Land Court). All other Massachusetts counties charge $105.00 per discharge recording. |
Duplicate Discharge Request | $25.00 | A fee charged to reproduce a release of collateral that was used as security for the mortgage loan. |
Subordination Request | $250.00 | A fee charged to review the required documents to approve the priority status change of a loan to make it subject to (or in a junior lien position to) another loan because of, for example, a refinance of the first lien mortgage. |
Research Request | $30.00 per hour | A fee charged for services rendered involving the borrower and their special request |
Partial Release | $250.00 | A fee charged when adjustments are made to the collateral that secures the mortgage such as a partial release or subordination to easement for conventional loans. |
Homeowners/Flood Insurance Annual Fee | $50.00 | A fee charged when forced placed insurance is procured for homeowners or flood insurance. The insurance is purchased on your behalf by the Bank. This is only applicable when the borrower does not obtain insurance on their own. The borrower is charged this fee in addition to the cost of the insurance policy premium. |