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Borrowers - LC / "Promised to pay" puts loan into "Payment Processing" status?
« on: January 19, 2016, 12:00:00 AM »
I was selling a Grace Period note on Folio and the sale was cancelled due to "Payment Processing". I was pleased as I was under the impression the "payment was processing".
Apparently not. A payment was never made. The sale was cancelled not due to a processing payment but because the borrower had "promised to pay".
Am I insane or is that the dumbest thing ever? In what world is a promise to pay the same thing as a payment?
It has now just happened to another note I was selling. The notes are getting late and more late but I can't sell them because a "payment is processing".
Any insight?
Apparently not. A payment was never made. The sale was cancelled not due to a processing payment but because the borrower had "promised to pay".
Am I insane or is that the dumbest thing ever? In what world is a promise to pay the same thing as a payment?
It has now just happened to another note I was selling. The notes are getting late and more late but I can't sell them because a "payment is processing".
Any insight?