Mortgage Late Payments

[NorthDakotaStep]

What is the name of your state (only U.S. law)? North Dakota

I have a HPML (high priced mortgage loan) 1st mortgage through our local bank. Currently if we are more than 10 days late we are assessed a late fee of $15. A co-worker stated to me today that 1st Mortgage loans should be 15 days not 10. Does the HPML come in to play? I checked the loan documents and it does state a late fee of $15 after ten days but the same co-worker stated that federal law would supersede that. Any help would be appreciated!

 

[sandyclaus]

What is the name of your state (only U.S. law)? North Dakota

I have a HPML (high priced mortgage loan) 1st mortgage through our local bank. Currently if we are more than 10 days late we are assessed a late fee of $15. A co-worker stated to me today that 1st Mortgage loans should be 15 days not 10. Does the HPML come in to play? I checked the loan documents and it does state a late fee of $15 after ten days but the same co-worker stated that federal law would supersede that. Any help would be appreciated!

I could find nothing that places a specific grace period requirement on late fees.

If your co-worker has some specific reference or cite in Federal law on the subject, please have them provide it. Otherwise, the loan documents you signed would govern in this situation.

 

[jiggy78]

Generally, payment is due on the 1st but there is a 15 day grace period until a late fee is charged. The payment is considered "late" after 30 days. But I am aware of no law which mandates this.