Would anybody happen to have an example of a letter to send to a borrower to refund fees for an Understated Finance Charge? Thanks!

Any information to complete a letter would be greatly appreciated! Thanks!

Dear Customer,

During a routine review of our loans, we identified the fact that the XXXXXX charge on your loan dated xx/xx/xx was not properly disclosed. Therefore, we are refunding this charge to you via the enclosed check.

We appreciate your business and please let us know if we can meet any of your future banking needs.

Sincerely,

Joe Banker

Awesome! That is a big help! Thanks!

Notice how Randy slipped on his marketeer hat and applied a little spin to the "we screwed up" message, turning it into a "you can count on us to treat you right" PR success! This is one of those rare moments when Compliance and Marketing can work together happily.