Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-migrate-db domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /srv/app/gotoiba-dev/htdocs/web/wp-includes/functions.php on line 6121
One of our mortgage loan customers sent in a payment by check, but the check bounced. After two return attempts, the customer is now 54 days overdue. Should we send the 45 day notice or just wait until we send the 60 day notice? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

One of our mortgage loan customers sent in a payment by check, but the check bounced. After two return attempts, the customer is now 54 days overdue. Should we send the 45 day notice or just wait until we send the 60 day notice?

—

by

We recommend sending the borrower both delinquency notices.

The 45 day SCRA notice is due “before the expiration of the 45-day period beginning on the date on which the failure occurs” (which is the failure “to pay any amount by the date the amount is due under a home loan”). 12 USC 1701x(c)(5).

If the customer does not send a payment and becomes delinquent by 60 or more days, you also must send the 60 day homeownership counseling notice “within 5 days (excluding Saturdays, Sundays, and legal public holidays) after the occurrence of such delinquency.” 12 USC 1701x(d)(6)(B).