To be clear, you are reimbursing it because it was both charged and paid? If so I agree with Randy. You put that money back in the borrower's hands and you assure them it was not reported to the credit bureau as late.
Last edited by Andy_Z; 09/17/21 06:03 PM.
Next, in that these fees are a systems function you need to figure out how it was added, or if the bank had the payment but failed to correctly apply it. Either way, you need to ask yourself, could it happen again, and what can you do to prevent that? You also need to know if this has happened before. Hopefully this was the first anyone is aware of and it was not a systemic issue. If it has happened before it could be a real UDAP issue.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell