Have you been charged a mortgage payment processing fee for paying your mortgage via the phone or an online system? If so, then you are not alone. In the past decade, more mortgage lenders are charging borrows additional fees if they choose to pay using the most convenient and modern forms of payment: online websites and payments over the phone, in lieu of mailed checks or money orders.
If you have ever had to pay additional fees on top of your mortgage payment simply for paying via the internet or calling on the phone, then you will be interested in a class action lawsuit for these unnecessary–and in most cases, completely unlawful–processing fees.
What Are Mortgage Payment Processing Fees Called?
Processing fees for mortgages are labeled with several different names; in some cases, they are referred to openly as a “processing fee” but in other cases the company may use a different name to mislead you. The most common names companies use to charge these fees are “speed pay fees,” “convenience fees, “online platform fees,” “pay to pay fees,” and so on.
How Much Are People Charged for These Processing Fees?
The amount of money charged for a mortgage payment processing fee will vary from case to case. Most people who have reported these fees indicate that they were charged anywhere from $5 to $15 per payment transaction; in some cases, the transaction may be even higher, depending on the lender as well as the amount being paid. Depending on how often you make mortgage payments, you could pay hundreds of dollars in these additional fees over time.
Are These Fees Legitimate?
Almost all mortgage agreements do not allow mortgage lenders to charge a processing fee for payments made over the phone or payments made online. Therefore, in almost every case, these fees are not allowed and are considered unlawful.
Although it’s not very common, there are some cases where your mortgage agreement may allow for a processing or convenience fee that is based on payment type. If this is the case, then the fee is considered legitimate and not unlawful.
What Should I Do If I’ve Paid These Fees?
First, you should know that you are not alone in paying these fees. Countless people have become victim to paying unlawful mortgage processing fees from lenders who charge borrowers extra money when they make mortgage payments.
If you have been charged a mortgage payment processing fee for paying your mortgage via the phone or an online website, then you potentially have a case for joining a mortgage payment processing fee class action lawsuit. You may be entitled to compensation for this unlawful action.
If you think that you qualify for a class action lawsuit related to paying these unlawful mortgage processing fees, then you need the assistance of a professional law team to help you. We can provide you with the legal assistance necessary to get the compensation you deserve.
Please contact the law firm of Shamis & Gentile, P.A. today for more information.