RC_LA_CM_200.3 Electronic Payments
One of the most widely automated activities in mortgage payment processing is electronic payment drafting, in which a mortgagor allows a servicer to draft his or her monthly payment from a checking/savings account. The use of automated payment drafting provides advantages for borrowers and servicers alike.
Electronic Payments, investigates the use and benefits of electronic payment processing in mortgage servicing, and the relevant regulations and standards that impact servicers that use automated payment solutions. It begins with an overview of electronic payments processing. Next, it reviews how payment drafting works and the benefits for borrowers and servicers. Finally, the course focuses on the critical issue of regulating and securing the ACH system.
This is a single-family/residential course.
Seat time approximately 1 hour.