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c. Consultant Fee Schedule (11/04/2024)
Below are the maximum fees that may be charged by the Consultant.
i. Feasibility Study
If requested by the Borrower or Mortgagee to determine if a 203(k) Mortgage is feasible, the Consultant may charge an additional fee of $375 for the preparation of a Feasibility Study.
ii. Work Write-Up
The Consultant may charge the fees listed below for the preparation of the Work Write- Up and review of architectural exhibits:
• Up to $1,000 for repairs less than or equal to $50,000
• Up to $1,200 for repairs between $50,001 and $85,000
• Up to $1,400 for repairs between $85,001 and $140,000
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II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT A. Title II Insured Housing Programs Forward Mortgages
9. 203(k) Consultant Requirements
• Up to 1 percent of the repair costs or $2,000, whichever is lower, for repairs over $140,000
The Consultant may charge an additional $25 per additional Dwelling Unit.
iii. Draw Inspection Fee
For each draw request, the Consultant may charge an inspection fee that is reasonable and customary for work performed in the area where the Property is located, provided the fee does not exceed a maximum of $375.
iv. Change Order Fee
The Consultant may charge $120 per change order request.
v. Reinspection Fee
The Consultant may charge a $225 fee when reinspection of a Work Item is requested by the Borrower or Mortgagee.
vi. Mileage Fee
The Consultant may charge a mileage fee at the current Internal Revenue Service (IRS) mileage rate when the Consultant’s place of business is more than 15 miles from the Property.