An Automated Clearing House (ACH) authorization is a payment authorization that gives the lender permission to electronically take money from your bank, credit union, or prepaid card account when your payment is due.
Under the Loan Tab scroll down to ACH Options:
"May Authorize" (leaving it optional for Borrower):
If you require Borrower to make ACH payments, please check said box:
"Shall Authorize" (requiring ACH payment):
You will have several options to reflect ACH options within your settings:
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Difference between "May Authorize" and "Shall Authorize" (requiring ACH payment or leaving it optional for Borrower):
Difference between "SHALL authorize" and "SHALL authorize - Financial Penalty Basis Points Option":
Difference between "SHALL authorize" and "SHALL authorize - Financial Penalty Dollar Option":
Difference between "SHALL authorize - Financial Penalty Basis Points Option" and "SHALL authorize - Financial Penalty Dollar Option":
"SHALL authorize - Financial Penalty Basis Points Option - ASK" (enter a value)
"SHALL authorize - Financial Penalty Dollar Option - ASK" (enter a value)
