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#1399538 - 06/04/10 12:37 PM Payment Cut Off Time
Still Smiling Offline
Platinum Poster
Joined: Nov 2007
Posts: 767
I realize that the 5:00 cutoff time applies to all open end credit, but does it also apply to closed end loans?
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Comments are strictly my own and not that of my employer.

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Lending Compliance
#1399580 - 06/04/10 01:47 PM Re: Payment Cut Off Time Still Smiling
Still Smiling Offline
Platinum Poster
Joined: Nov 2007
Posts: 767
226.36 states (c) Servicing practices. (1) In connection with a consumer credit transaction secured by a consumer's principal dwelling, no servicer shall--
(i) Fail to credit a payment to the consumer's loan account as of the date of receipt, except when a delay in crediting does not result in any charge to the consumer or in the reporting of negative information to a consumer reporting agency, or except as provided in paragraph (c)(2) of this section;

But I do not see any mention as to a cut off time. Anyone...
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Comments are strictly my own and not that of my employer.

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#1399583 - 06/04/10 01:49 PM Re: Payment Cut Off Time Still Smiling
Phoenix Offline
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Phoenix
Joined: May 2003
Posts: 832
southeast
check the commentary for that same citation....
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Pliny the Elder

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