Thats quite a hefty late fee policy. Only 3 days, ****, my mortgage loan can be recieved until the 15th when its due on the 1st without a late fee. I give all my customers until the 15th. They are billed at the end of the month and are charged a $10 late fee. If no payment is recieved by the 31st then we stop cutting until they are caught up or we make other arrangements are made.