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Payment Basics
NSF process
Payment Reversals
Digging Deep
Payment Experts
100

Client has autopay scheduled on 2/3. They call on 2/3 and request for autopay to be moved to 2/15. Is that possible?

No- we cannot change or edit autopay that is drafting the same day.

100

What day of the week do second presentments happen for ACH payments?

Fridays

100

What is the turn time to refund a double payment made on RMS?

Total time is 5-7 business days.


Automatic Clearing House (ACH): Turn time is 3-5 business days after the completion date of the task, or rejection. Total time is 5-7 business days 

https://pathfinder.foc.zone/content/process/c3ca1c26-5cca-4d74-b156-eaa32a168363 

100

Client sent in a payment by check 3 weeks ago, claim it was cashed but they do not see it applied to the loan. Where do we go in Customer Service to set the request for cash team to research?

Navigate to the Transaction tab in Customer Service.

  • Select Missing Payment listed in the Maintenance Menu on the right.

Select the transaction date and complete the following:

  • Enter the payment amount received.
  • Enter the amount of funds.
  • Confirm if the bank verified the payment cleared.
  • Confirm if an image of the check was uploaded.
  • Add detailed notes surrounding the missing payment.

Select Apply to complete the process.

100

Client wants to know what interest savings they will have by making extra principal payments with their monthly payment. What tool would we use for this?

First we would advise client that there is an amortization calculator on RMS if they would like to plug in some numbers to see the potential savings. If the client wants us to provide that info- we would navigate to the calculator under the payment tab.

200

Client calls to arrange sending a payment via MoneyGram, what is the code the client needs to send the payment?

7229

200

True or False: Clients will receive a NSF fee for a closed or frozen account.

True

200

Client made a principal only payment on 12/15/25. They call in today 2/2 to ask for a refund of that payment, as they are having financial trouble. Can we refund this payment?

No- the request must be received within 30 days of when the funds were received. 

200

Client has a Bi- Weekly draft every 2 weeks. Their payment amount is 1023.75. Client wants the draft amounts to be the same every 2 weeks. Can we do that?

No- since the clients payment total is an odd number, the drafts will always be a penny difference every other draft. 

Example: 1023.75/2=511.875. One draft will be 511.87 and the other will be 511.88. You do not have to foreshadow this to the client- but clients may ask the why behind it. 

200


Client calls in and advises they were not aware of their payment being rejected, where can look to see if the client opened their email?



BIG/EmailSearch/

300

A one-time payment can be deleted by _______ the date it is scheduled to draft no matter when it was set up.

11:30 p.m. ET

300

True or false: Client will receive a NSF fee if an account comes back as invalid or unable to locate.

False

300

Client has been having a financial hardship, and scheduled a payment for January on 1/30. They also scheduled another monthly payment the same day in error. That second payment went to February. Client calls on 2/2 to get a refund for the second payment. Is that possible?

No- we cannot refund a payment that will make the client due for that current month. They would have to put a stop payment on it from their bank.

300

True or False: If a client's payment is $700 and has a late charge of $50, we will apply $50 of the payment to the late fee. 

FALSE 

We will never create a deficiency by deducting a late charge from the regular payment.

  • Example: If the contractual monthly payment is $700, there is a $50 late charge on the loan; if the client sends in a payment of $700, Rocket Mortgage® cannot use $50 of the $700 to cover the late charge. This would create a deficiency of $50 in the client's monthly payment and the client will not be able to fully satisfy the contractual monthly payment without an additional payment.
300

Client made a payment of $10,000 that they made on accident on RMS just a few days ago. This was made after the monthly payment was satisfied and was applied to principal. What are the steps to take when refunding a payment of that amount?

Refunds/Returns of payments over $5,000 require a conference call with the client and bank:

Verify all of the following:

  • The routing/account number
  • The funds have cleared
  • There are no stops on the funds.

Clearly note the loan with:

  • Name of bank
  • Name of bank employee
  • That the funds were verified and ok to refund
400

Client wants to setup ACH and wants all extra funds to go to escrow. Can we do that?

No- we can only set up extra principal to draft with the monthly payment.

400

True or False. We received notification of an NSF return on Thursday. Second presentment will be Friday the next day.

False.

If the first presentment is received Monday-Wednesday, the second presentment will occur Friday of the same week.

If the first presentment is received Thursday or Friday, the second presentment will occur Friday of the following week.

Checks:

The second presentment will occur on the business day following the first presentment.

The second presentment will not be canceled.

https://pathfinder.foc.zone/content/policy/9904b005-82e8-430f-80ac-1c311bf57ff0

400

Client needs to return a double payment made on RMS. They are requesting we send it back to a different bank account they are going to provide to you. Can we process this request?

No- we can only refund a payment back to the bank account it came from, unless there is an unavoidable reason to do so, such as prior account closed.

  • This must also be verified with the bank, and the new account ownership must be validated.





400

What is the threshold amount of corporate advancing a short payment?

$5

  • In the event the payment is short by $5 or less, funds will be automatically advanced to satisfy the payment so the full payment can be applied.
    • This is applied as a recoverable corporate advance and the client will be billed for Rocket Mortgage to recover the funds.
    • This advance will show on the client's billing statement as "advances on your behalf".
400

How is monthly interest calculated?

Interest is calculated by multiplying the outstanding principal balance by the interest rate of the mortgage and dividing by 12.

500

What is the maximum payment we can take by phone? List both scenarios.

$99,999.99 or not more than 90% of their loan balance.

500

List all of the states that have a $0 NSF fee.

Alaska, Colorado, Delaware, Iowa, Maine, Maryland, Michigan, Montana, New York, North Carolina, Oklahoma (if acquired delinquent), Rhode Island, South Dakota, Vermont, Virginia, & Wyoming

500

The client called in to confirm that we processed their refund for a double payment they made. You look in the interactions and see the note below. What should you advise. 

REJECT'D PAYMENT VIA ESERVE, CASRET SET TO REVERSE CASRET: REJECTED FUNDS VIA ESERVE IOA $XXXX. PLEASE REVERSE ACH PAYMENT 11/26/2025.

Confirm that the payment was refunded on November 26th.

500

Client calls upset because his Bi-Weekly half draft sits in suspense until the other half draft is received.  What is a good talk off for this?

'I completely understand wanting your payments to be applied automatically. Per the terms of your note, we do not apply partial payments. But rest assured once the full payment is received, it will be applied to your payment' 

You can also reiterate that interest is calculated monthly- so it wont impact any interest savings by using this payment method.

500

What are the 4 ways the client’s payment logic can be updated so that funds are applied a specific way?

  • Client intends to make partial payments.
  • Client intends to make multiple payments at once.
  • Client intends to send in one payment per month with additional funds going through the waterfall (usually principal).
  • Client intends not to be paid ahead and to have all additional funds received applied to principal.

https://pathfinder.foc.zone/content/process/c3ca1c26-5cca-4d74-b156-eaa32a168363