Rule 6-1-14.21 - Annual Fees Annual fees are composed of:
A. MIBFC Servicing Fee, which equals one-eighth (1/8) of one percent (1 %) of the outstanding principal balance of the loan, will be collected annually on the principal payment due date. The Servicing Trustee will invoice each Borrower for this fee.B. Servicing Trustee Fee is estimated to be one-eighth (1/8) of one percent (1 %) of the outstanding principal balance of the loan. The Servicing Trustee will collect this fee on the annual principal payment date.C. Letter of Credit Bank Fee, which is negotiable, cannot exceed two percent (2 %) of the outstanding balance of the loan and will be based on a schedule and amount initially agreed upon by the Borrower. These fees cannot be paid out of loan proceeds.
Miss. Code Ann. § 57-71-1 et. seq. (Rev. 2008)