Allowable Write-Offs and Refunds Sample Clauses
Allowable Write-Offs and Refunds a) Any remaining loan balance of $5.00 or less will automatically be written off during the nightly update to the servicing system.
b) Any remaining loan balance of more than $5.00 but $10.00 or less will be written off 30 days after the balance is reduced to that amount.
c) The Servicer may use its discretion to write-off amounts greater than $10.00 but less than or equal to $100.00. The write-off involves a manual entry.
d) Not including default claim balances, amounts above $100.00 will be referred to the Owner for review and approval/denial. If approved, the write-off will involve a manual entry.
e) Refund amounts less than or equal to $1.00 are written-off within 30 days. Amounts greater than $1.00 are refunded within 45 days.
f) If the borrower has other open program loans serviced by First Associates, providing the borrower did not request otherwise, refund amounts due a borrower equal to $25.00 or less will be applied to the borrower’s other open program loans.
1. Addendum A Addendum B Dictionary of Defined Terms Addendum C OFAC Procedure
Steps: 1. When an application is initiated, the applicant’s name is automatically checked against the OFAC database for a match. When there is no match, the application continues processing in a normal fashion. 2. If name is a match, the information required by the Customer Information Program (found in Addendum A) is collected by Origination Agent. 3. Following completion of Step 2, the application is forwarded to the Servicer’s Originations and Disbursement Manager. a. The Originations and Disbursement Manager will re-verify the match and if applicable, contact OFAC’s “hotline” at 1-800-540-6322 for verification.
Allowable Write-Offs and Refunds a) Any remaining loan balance of $5.00 or less will automatically be written off during the nightly update to the servicing system.
b) Any remaining loan balance of more than $5.00 but $10.00 or less will be written off 30 days after the balance is reduced to that amount.
c) The Servicer may use its discretion to write-off amounts greater than $10.00 but less than or equal to $100.00. The write-off involves a manual entry.
d) Not including default claim balances, amounts above $100.00 will be referred to the Owner for review and approval/denial. If approved, the write-off will involve a manual entry.
e) Refund amounts less than or equal to $1.00 are written-off within 30 days. Amounts greater than $1.00 are refunded within 45 days.
f) If the borrower has other open program loans serviced by First Associates, providing the borrower did not request otherwise, refund amounts due a borrower equal to $25.00 or less will be applied to the borrower’s other open program loans. CUSTOMER IDENTIFICATION PROGRAM Access Group, Inc. For Compliance with Section 326 of the USA PATRIOT Act Revised April 27, 2009 Purpose 22 Identity Verification Procedures 22 Customer Information Required 23 Verification Through Documents 24 Non-Documentary Verification 24 Lack of Verification 25 Record Keeping Requirements 25 Comparison with Government Lists 25 Customer Notice 26 The purpose of this document is to describe the student loan processing procedures Access Group, Inc. has in place to comply with the Customer Identity Verification Requirements under Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act. Regulations issued by the Department of the Treasury on April 30, 2003 require banks to develop a Customer Identification Program (CIP) that implements reasonable procedures relative to the core concepts of Section 326: (1) collection of identifying information about customers opening an account, (2) verifying that the customers are who they say they are, (3) maintaining records of the information used to verify their identity, and (4) determining whether the customer appears on any list of suspected terrorists or terrorist organizations. Customer Identification Programs must be in place for banks by October 2003. This Customer Identification Program has been created because: (a) Section 326 of the USA PATRIOT Act currently applies to Access Group; (b) the Department of the Treasury has i...