An Automated Clearing House (ACH) authorization is a payment authorization that gives Quontic permission to electronically take money from the borrower’s external bank account when their payment is due.
Rules and Restrictions
- Borrower must complete an Automatic Payment Authorization Form
- 1st time ACH Set up Request
- Updating new ACH External Bank information
- ACH Monthly Autopayments request must be scheduled between the 1st and 10th of the month
- MUST have a wet signature
- ACH Debits is NOT allowed for Mortgage Loans starting with 390
- Due to the type of loan (Held for Sale loan) – are not eligible to pay via ACH debit
- ACH Debits can only be for the EXACT amount of the monthly mortgage bill
- Utilize the template – Mortgage: Ways to Pay – Accounts starting with 290
- Send Email Template from [email protected]
Rule Exceptions
- The monthly ACH Debit scheduled draft request is after the 10th of the month
- One Time ACH Debit
- DocuSign request (client states unable to provide a wet signature)