The late charge assessment update did not assess late charges on an acquired loan that had passed the allowed grace days.
Workaround:
By design, Servicing Director prevents late charges from assessing on an acquired loan for 60 days after the Acquired Date. RESPA's Regulation X prohibits the imposition of a late charge during the 60-day period beginning on the effective date of the transfer of servicing for any payment received by the transferor servicer (rather than the transferee servicer) on or before the applicable due date (including any grace period).
The Acquired Date of the loan can be viewed and edited in the Customer Service application Dates screen.
ArticleNumber:
000060300