A fee required by the Lender for collection and disbursement of tax escrow, by an Account Servicing Company.
A fee charged to a borrower by a lender so that another company will assume responsibility for verifying the amount of real estate taxes due and that taxes have been paid over the life of the loan. For our comparison purposes, a tax service fee is considered to be a third party fee, however, some lenders may not charge for this service.
The Lender requirement of verification, by a tax servicing company.
During the life of your loan you will be making property tax payments, either on your own or through your escrow account with the lender. Since property tax liens can sometimes take precedence over a first mortgage, it is in your lender's interest to pay an independent service to monitor property tax payments.
A fee charged to administer a tax search.
A fee paid to a tax service agency to monitor whether the property taxes are being paid in full and on time. This is a one-time fee.
Fee paid to a tax service company to track your property tax payments after your loan funds. Since we will have a security interest in your property, we must ensure that property taxes are paid in a timely manner, to avoid liens.
A fee collected to set up third-party monitoring of the borrower's property tax payments. This is done to ensure that the payments are made on time, and to prevent tax liens from occurring to the detriment of the lender.
A fee paid by the borrower to a service agency, which monitors the borrower tax payments and notifies the lender if the borrower fails to pay property taxes. Most mortgages stipulate that the lender may foreclose if the borrower fails to make tax payments on a timely basis. This is protection for the lender, as property tax debts supersede any mortgage debts, meaning the lender may lose his right to foreclose if the county takes over and sells the property to recover a tax debt.
A fee charged by the lender to hire and retain a third-party who tracks the property taxes owed and paid on mortgaged properties.
A fee paid to the mortgage company to verify that they actually pay the real estate taxes.
