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Background: The information below is a Launch-based process and is a reference for Launch’s overview process.

Info

Any customer inquiries about waiving late fees, follow the normal process: Transferring calls to Launch/ Account Servicing

As a servicing team, Launch can empathize when a customer misses a payment and accrues a late fee. They follow policies and guidelines related to fees and when they can be waived.

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Viewing late fees on an account (

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Account Servicing process)

STEP

ACTION

1

  • Input account identifier

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titlePerson Search
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2

  • Click ‘Loan ID’ under ‘Loan Information’ on ‘Person Information’ screen

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titlePerson Information
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3

  • Select the ‘Transaction History’ on the left navigation bar to see how many late fees have accrued and the dates of accrual since the account has been on LSS.

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titleTransaction History
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Waiving late fees on an account (

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Account Servicing process)

STEP

ACTION

1

  • When a customer requests to waive a late fee:

    • Review if a fee has been waived before (If a customer has had 3 or more late fees waived, an approval from your supervisor will be required. - See Step 2: Suggested Launch Script for PENDING REVIEW late fee removal)

    • Listen to the customer’s reason and empathize with them for missing a payment

2

  • Provide the customer with options for:

    • Automatic payments

    • Borrower portal assistance

    • Offer a new due day that will work better

Suggested Launch Script for APPROVED late fee removal:

“We are willing to waive your late fee this time. Our customers have the option for registering for automatic payments, or alternative due days if needed.”

Suggested Launch Script for PENDING REVIEW late fee removal:

“This will be the 'X' time we have waived your late fee. Our customers have the option for registering for automatic payments, or alternative due dates if needed.”

Info

If a customer has had 3 or more late fees waived, an approval from your supervisor will be required. Advise the customer we will send for review if allowed to waive one more fee. Submit request for fee review and set a note to follow up to reach out to the borrower when a decision has been made.

3

  • Launch Customer Service Representatives have the ability to waive up to 2 (3 if absolutely necessary) in LSS

4

  • If the fee was assessed on LSS:

    • Select the Loan/Lease ID and then Payments on the left navigation bar

    • Blow the ‘Account Payment Screen’, select Fee History

      • Select the latest late fee that has accrued, then select waive fee

5

  • Ensure your note includes that you waived a late fee, provide the date the fee accrued

Info

Helpful Tips

  • If an Insufficient Funds Fee (NSF) was applied to the account, determine the root cause.

    • An NSF fee will not be waived per borrower request.

  • If an error was made on our end to cause an NSF fee, we will need to review on an exception basis, escalate to your supervisor.

Screenshots of PDF SOP provided by

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Account Servicing

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Excel screenshots provided by Launch - Key codes, late fees based on product type

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