Mortgage Payment Return – ACH Debit or Mailed Paper Check

Rules and Restrictions:

A payment may be returned because of the following reasons:

Insufficient Funds (NSF)

Closed account

Frozen account

Unable to locate the account

A Note Alert of the return payment & reason is placed in Horizon XE

An Outbound Call attempt is made to advise of the return payment and next steps

Unsuccessful Outbound Call will result in an Email Notification sent to the borrower advising of the ACH Return, reason for the return and next steps to satisfy the payment.

Quontic DOES NOT automatically attempt to rerun the payment after an ACH return. To ensure the successful processing of the ACH payment, the borrower must confirm a suitable date for us to reschedule the payment.

Quontic DOES NOT charge a return payment fee

Two (2) or more ACH Returns will result in the client being removed from the ACH Debits–Payment will be accepted only by (Wire, Mailed Check, Money Order)

An Email Notification is sent to the borrower advising of the ACH Return, reason for the return, removal from Monthly ACH Debits and all future payments must be made via Check, Money Order, or Wire

Payment Options for Return Reasons:

Stop Payment – Make Mortgage payment via Check, Money Order, Wire

ACH Return (Invalid Account # & Routing #)

Confirm Bank Account # & Routing #

Update ACH information (inaccurate banking information on file and/or new banking information)

Make Mortgage payment via Check, Money Order, Wire

Insufficient Funds

Confirm a suitable date for us to reschedule the payment verbally-written communication is currently not needed

After successfully pulling the payment–ACH Debit will reset back to the original draft date

Paper Check Payment Return

Submit mortgage payment via Check, Money Order, Wire to satisfy the month the mortgage payment is owed

Borrower can choose to pay their current mortgage payment due and set up on ACH Debit