Posted By: Beachbum
Loan Payment - 01/06/20 03:09 PM
Can you require bank draft for monthly Mortgage Payment?
Posted By: Skittles
Re: Loan Payment - 01/06/20 03:21 PM
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.
Posted By: Adam Witmer
Re: Loan Payment - 01/06/20 04:17 PM
Skittles is correct, and the citation for that is found in 1005.10(e) of regulation E.