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#20157 - 06/10/02 03:42 PM Application of Excess Loan Payments
Mconnor Offline
Member
Joined: Feb 2002
Posts: 65
Fitchburg, MA
Is there a regulation governing the application of excess mortgage loan payments? For example, a customer remits an amount in excess of the amount due and sends no instructions as to where he or she wants the excess payment applied. Can we apply it toward the next payment's interest or do we need to apply it to principal?

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Lending Compliance
#20158 - 06/10/02 04:13 PM Re: Application of Excess Loan Payments
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,191
Toano, VA
You follow the provisions of the note.
_________________________
...gone fishing.

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#20159 - 06/10/02 05:16 PM Re: Application of Excess Loan Payments
Mconnor Offline
Member
Joined: Feb 2002
Posts: 65
Fitchburg, MA
Thank you Richard. There has been so much discussion here about it that we all overlooked the obvious.

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