Transcription of CHAPTER 4: ACCOUNT SERVICING - USDA Rural …
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CHAPTER 4: ACCOUNT SERVICING - USDA Rural …
HB-3-3560 CHAPTER 4: ACCOUNT SERVICING INTRODUCTION To ensure that program objectives are met and that borrowers do not default on their loans, the Agency has specific procedures for SERVICING borrower accounts. These procedures are designed to ensure that loan payments are received on time and in the proper amounts; payments are properly applied to the appropriate ACCOUNT ; past due accounts are serviced correctly; late fees are assessed for late payments; and procedures for final loan payments are followed. Diligent management of the ACCOUNT SERVICING process through promptly and accurately recording payments and tracking late payments is an effective method to reduce unnecessary delinquencies. This CHAPTER presents the Agency s procedures for SERVICING borrower accounts. It describes the procedures that all Loan Servicers must follow when SERVICING accounts to protect the Government s interest in the loan and the property.
HB-3-3560 CHAPTER 4: ACCOUNT SERVICING 4.1 INTRODUCTION To ensure that program objectives are met and that borrowers do not default on their
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