What is a late fee for a Flagstar mortgage?

Flagstar Bank, like most mortgage lenders, usually charges a 5 percent fixed late fee on the payment amount if a borrower falls behind by 15 days or more. However, some states do limit the amount of late fees lenders can charge borrowers.

The mortgage note, known as the king of lending documents, outlines the principal amount of the loan and the interest rate charged on the loan. On page one of the note is the amount borrowers can expect to pay if they are late on their mortgage payment. This amount is shown as a percentage. Mortgage notes are universal, and the information does not change from document to document.