When Does A Loan Get Considered Delinquent?
by Andy Zavoina, BOL Guru Guru BIOS
Question: On a consumer real estate loan does the late history start after 10 days or 15 days?
Answer: The contract itself should state when the late fee accrues and when the payment is delinquent and reportable as such. For mortgage loans I generally see a grace period of 15 days.
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