Think that a consumer only has that covered mortgage that have a good financial
Assume that a customer has two protected fund, Mortgage A and you will Financing B, that have a lender
step 1. General. Around 1041.8(b)(2)(ii), a hit a brick wall percentage transfer is the next successive were not successful import when the the last percentage import is a first unsuccessful percentage transfer. The next examples train this idea:
we. The lender, which have started not any other commission import concerning the the covered loan, starts a digital financing move into collect the original planned payment owed under the mortgage contract. The fresh transfer try returned getting nonsufficient financing. This new returned transfer is the very first were unsuccessful percentage import. The lender next starts an electronic digital funds transfer for the following planned fee due according to the loan contract to your shielded mortgage, which is also returned getting nonsufficient fund. The second came back import is the second consecutive failed percentage transfer.
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