Account servicing.

CFR · 2024-01-01 · US · Title 7

(a) (b) (1) Amortized audit receivables. ( (2) Unamortized audit receivables. ( (3) Late fees. ( (4) Amortized recoverable costs. ( (5) Unamortized recoverable costs. ( (6) Overage. ( (7) Interest. ( (8) Principal. ( (9) Advance payments. (Any funds remaining after disbursement of a payment to all other payment priorities will be applied to the borrower's account as an advance regular payment unless a borrower specifically designates, in writing, another application.) (c) (1) Late fees charged to a borrower's account will equal 6 percent of the total regular payments due as specified in any promissory notes, assumption agreements, or reamortization agreements related to the borrower's account. (2) Late fees are a borrower expense and must not be paid from housing project funds. (3) The Agency may waive late fees for circumstances beyond a borrower's control and when a waiver is determined by the Agency to be in the best financial interest of the Federal Government. (d)

official document · source cfr-2024 · id 7:§ 3560.403