What are late fees on a mortgage?
Most mortgage contracts include a grace period, after which time the loan servicer charges a late fee.
Late fees can be charged only in the amount specifically authorized by the mortgage documents you signed. State law may also limit the amount of late fees that you can be charged.
For a loan you’ve applied for, check page 3 of the Loan Estimate to find out how much the late fees will be. For a loan you’re currently paying back, check page 4 of the Closing Disclosure.
You won’t receive a Loan Estimate or Closing Disclosure if you applied for a mortgage prior to October 3, 2015, or if you're applying for a reverse mortgage. For those loans, you will receive two forms – a Good Faith Estimate (GFE) and an initial Truth-in-Lending disclosure – instead of a Loan Estimate. Instead of a Closing Disclosure, you will receive a final Truth in Lending disclosure and a HUD -1 Settlement Statement. If you are applying for a HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs, you will not receive a GFE or a Loan Estimate, but you should receive a Truth-in-Lending disclosure.
If you have a problem with your mortgage company, you should discuss the issue with your lender. You can also submit a complaint to the CFPB online or by calling (855) 411-CFPB (2372). We’ll forward your complaint to the company and work to get you a response – generally in 15 days.