Mortgage Lending · Servicing
Borrower payment processing SOPs
Written procedures for how a mortgage servicer receives, applies, and posts borrower payments to loan accounts.
What it usually contains
- Payment channels accepted and cutoff times
- Rules for applying payments to principal, interest, escrow, and fees
- Handling of partial payments, suspense accounts, and overpayments
- Posting deadlines, reversals, and returned payment steps
- Exception handling and research request procedures
What the assistant uses it for
Answering how a payment should be applied when it doesn't match the amount due, how quickly funds must be posted, and what to do with unapplied or returned payments. Also used to check staff steps for payoffs, extra principal, and payment disputes.
How it is versioned
A document of this type has exactly one current version at a time. Upload a revision and it becomes the version that counts — the one before it is kept and dated, but is no longer what your assistant answers from. Nothing is ever deleted, so you can always show what this document said on a given date.
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