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.