Bank Fees

When you sell your home, or refinance it, it is important that the bank or banks which have loans on your property be paid off. Often the loan is serviced by a bank or other business that was not your original lender. Typically your escrow will request of that bank or servicer the information about the amount owed so the loan can be paid off. Often the banks and servicers provide that information in the form of the Payoff Statement which can include fees that are not permitted. Usually these fees are small, in the range of $10-$50, and represent an amount that the consumer will not challenge when closing the transaction, in which case the claim is best brought in the form of a class action against the bank or servicer.