§ 1005.723. Partial Payments.
105 words·~1 min read·
/us/cfr/t24/s§ 1005.723·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A Servicer must have a written policy on how it handles Partial Payments, in compliance with this section and that policy shall be readily available to the public.
(b)Upon receipt of a Partial Payment, a Servicer must provide the Borrower a copy of the Servicer's written Partial Payment policy and a letter explaining how it will handle the received Partial Payment. The Servicer may:
(1)Accept a Partial Payment and either apply it to the Borrower's account;
(2)Identify it with the Borrower's account number and hold it in a trust account pending disposition; or
(3)Return the Partial Payment(s) to the Borrower.