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Included in this section are:
i. Acceptance of Partial Payments
ii. Application of Partial Payments Totaling a Full Monthly Payment
iii. Return of Partial Payments for Mortgage in Default
i. Acceptance of Partial Payments
Unless subject to the exceptions in the Return of Partial Payments for Mortgage in Default section, the Mortgagee must accept any Partial Payment and either:
- apply the payment to the Borrower’s account; or
- identify the payment with the Borrower’s account and hold the payment in a suspense account. When a full monthly installment due under the Mortgage is accumulated, the Mortgagee must apply that amount to the Borrower’s account.
ii. Application of Partial Payments Totaling a Full Monthly Payment
(A) Standard When Partial Payments held for disposition total a full monthly payment, the Mortgagee must apply these payments to the Borrower’s account, after deduction of amounts due to the Mortgagee for Late Charges and refunds of Mortgagee advances. This application of Partial Payments as a full monthly installment advances the date of the oldest unpaid installment, but not the date on which the account first became Delinquent.
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