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#2228277 - 01/06/20 03:09 PM Loan Payment
Beachbum Offline
Junior Member
Joined: Jul 2018
Posts: 39
Can you require bank draft for monthly Mortgage Payment?

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Mortgage Servicing Rules
#2228279 - 01/06/20 03:21 PM Re: Loan Payment [Re: Beachbum]
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,745
TN
No. You can entice them by giving a lower rate or another consideration; however it is a Reg E violation to require an automatic debit for a loan payment.
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#2228284 - 01/06/20 04:17 PM Re: Loan Payment [Re: Beachbum]
Adam Witmer Offline
Diamond Poster
Joined: Sep 2010
Posts: 2,397
Skittles is correct, and the citation for that is found in 1005.10(e) of regulation E.
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Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

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#2228322 - 01/06/20 08:43 PM Re: Loan Payment [Re: Adam Witmer]
Beachbum Offline
Junior Member
Joined: Jul 2018
Posts: 39
Thanks!

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