Is there a fee when my collateral is liquidated?

No. Under the 90/85 Standard, APX charges a 0% liquidation fee. This applies to every partial liquidation triggered at 90% LTV.

Has this always been the case?

No, this is a change. Liquidated collateral was previously subject to a 5% processing fee. That fee has been eliminated entirely as part of the 90/85 Standard. APX earns nothing from your liquidation, 100% of the proceeds from a liquidation sale go directly toward paying down your loan balance.

Can you give an example?

Assumptions: $100,000 collateral, $90,000 loan balance, 90% LTV (liquidation triggered).

• Full liquidation, old 5% fee: $94,737 sold ($90,000 to the loan, $4,737 as a fee). You'd keep $5,263 of collateral.
• 90/85 Standard, 0% fee: $33,333 sold, all applied to your loan. You keep $66,667 of collateral.