New support for High Cost Late Fee Percentage defaults was announced recently. However, since many clients do not send the HCL-Federal indicator (Field 51518) in the loan file, the indicator was not getting set until after the Late Fee Percentage defaults had already been applied.
Therefore, two new global field mappings will be added for clients who have ConformX system default “Calculate Late Charge Defaults” set to Yes:
- For Rhode Island, if the Late Charge Percentage (Field 1024) is higher than 3.000% and HCL-Federal is True, the Late Charge Percentage will be lowered to 3.000%.
- For all other states, if the Late Charge Percentage (Field 1024) is higher than 4.000% and HCL-Federal is True, the Late Charge Percentage will be lowered to 4.000%.
These changes will be in effect on September 30, 2016. If there are any questions about these changes, please contact Client Support at 1.800.497.3584.
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