§1005.723. Partial Payments.
24 C.F.R. § 1005.723
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.
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:
Accept a Partial Payment and either apply it to the Borrower's account;
Identify it with the Borrower's account number and hold it in a trust account pending disposition; or
Return the Partial Payment(s) to the Borrower.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1715z-13a; 15 U.S.C. 1639c; 42 U.S.C. 3535(d).
Source
Source: 89 FR 20056, Mar. 20, 2024; 89 FR 22084, Mar. 29, 2024, unless otherwise noted.