24 CFR 1005.723
§ 1005.723 Partial Payments.
United States · 24 CFR — Housing and Urban Development · Status: effective
Cite this
- Citation
- 24 CFR 1005.723, § 1005.723 Partial Payments, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/102727
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Full text
(a) A Servicer must have a written policy on how it handles Partial Payments, in compliance with this section and that policy shall be readily available to the public.
(b) Upon receipt of a Partial Payment, a Servicer must provide the Borrower a copy of the Servicer's written Partial Payment policy and a letter explaining how it will handle the received Partial Payment. The Servicer may:
(1) Accept a Partial Payment and either apply it to the Borrower's account;
(2) Identify it with the Borrower's account number and hold it in a trust account pending disposition; or
(3) Return the Partial Payment(s) to the Borrower.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.