7
Payment Tolerance
Payment Tolerance - A servicer may accept a payment that is less
than the full amount due without considering the loan delinquent, but
then must not consider the loan delinquent for any other provision
under the rule.
Example - A borrower's payment of $1010 per month is due on
January 1 but the borrower sends a check for $1001. If the servicer
agrees to accept the $1001 and advances the due date for the next
payment, the early intervention requirements would not apply
because the loan is considered current. The servicer may contact
the borrower to collect the $9. However, if the servicer tries for
three months but is unable to collect the $9, the servicer can't
decide in April that the borrower was actually delinquent on
January 1.
