Introduction

Why Reverse Late Fee?

Reversing late fees is necessary in cases where exceptions or courtesies are extended to customers for specific reasons.

 

Step 1 – Populating the Account

Begin by populating the customer’s account with relevant information in Loan Pro.

 

Step 2 – Navigating to Servicing Tab

Go to the “Servicing” tab to access charges and payment details.

 

Step 3 – Selecting Charges

Under the “Servicing” tab, select “Charges” to view the list of charges associated with the account.

 

Step 4 – Reversing Late Fee

Identify the late fee payment you want to reverse.

Click on the blue arrow to the right of the screen next to the late fee payment.

 

Step 5 – Comment for Reversal

In the pop-up box, type a comment explaining the reason for the reversal (e.g., “1-time courtesy”).

Provide a brief and clear explanation.

 

Step 6 – Initiating Reversal

Click on “Reverse Charges” to save the changes and initiate the reversal process.

 

Step 7 – Double-Check Reversal

Review the charges section to ensure that the late fee reversal is accurately reflected.