A late fee charges a borrower once per missed payment after the grace period. Default interest replaces the contract rate for the full duration of the default. Learn how each works, when to deploy both, and what the note must say to make either provision enforceable.
Define the grace period in calendar days, confirm the fee clears your state's usury cap, add waiver-of-waiver language, and coordinate the final clause with your servicer before signing — a step-by-step guide for private mortgage lenders.
Private lenders who draft late-fee clauses without understanding state usury caps and notice requirements create unenforceable provisions. These are the seven most common drafting mistakes.
The average monthly benefit for retired workers shows an increase, reflecting potential implications for private lenders in assessing borrower financial health.
Explore the new luxury real estate corridor connecting family-led affiliates from Florida to the Northeast, enhancing opportunities for private lenders in high-demand markets.
FHA's potential repeal of the 90-day anti-flipping rule and update of AVMs, along with new loss-mitigation guidelines, could yield significant savings for private lenders.
Ginnie Mae's removal of TPP loans from delinquency counts aims to enhance liquidity and expects a rise in cure rates, impacting private lenders' strategies.
Discover the development of Cypress Trails, featuring over 500 new single-family homes, offering opportunities for growth in the housing market.
Real estate listings return to Google mobile search in select cities, utilizing HouseCanary with CRMLS and eXp feeds, enhancing visibility for private lenders.
Zillow pursues legal action as MRED plans to halt IDX and VOW feeds, raising concerns over listing display practices and licensing compliance among private lenders.
