Late Payment Information
Late payments should never happen as long as BWMA and its Service Providers have the correct and current information.
Worst case scenario example: Mortgage payment due date is the 1st of the month with a typical 14 day grace period meaning the payment is considered late and subject to late fee charges by the lender if received after the 15th of the month. As a BWMA client you will not have to pay the late fee unless BWMA had bad information that caused a late payment. This is why we stress the importance of reviewing your Biweekly Savings Plan Agreement on the phone with BWMA Customer Care and looking over your application (DocuSign copy) when it is sent to you as an e-mail attachment, as well as, updating changes to BWMA as soon as you know about them. So far there is no reporting to the credit bureaus or damage to your credit score unless it becomes 30 days late. Please read the article below for more confidence in the reporting system used by your lender.
Worst case scenario example: Mortgage payment due date is the 1st of the month with a typical 14 day grace period meaning the payment is considered late and subject to late fee charges by the lender if received after the 15th of the month. As a BWMA client you will not have to pay the late fee unless BWMA had bad information that caused a late payment. This is why we stress the importance of reviewing your Biweekly Savings Plan Agreement on the phone with BWMA Customer Care and looking over your application (DocuSign copy) when it is sent to you as an e-mail attachment, as well as, updating changes to BWMA as soon as you know about them. So far there is no reporting to the credit bureaus or damage to your credit score unless it becomes 30 days late. Please read the article below for more confidence in the reporting system used by your lender.
NOTE: 30 day late payments do harm to your credit rating and credit score, but they are not the end of the world. If you would like a free credit repair consultation, please click here and fill out the form.