Late Loan Payments
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An article, “Don’t Pay Home Loan With a Money Order” (Nov. 12) while mostly accurate, infers something that generally is not true.
The statement “You should know that lenders earn millions of dollars in late payment fees, so they are eager to claim loan payments were received late” is a typical media statement where the accused has no chance to respond.
Having been in the lending business for 37 years, I have dealt with the late-payment situation many times. When the payment history justifies an exception to late-payment guidelines, such is made. However, it is not made because of intimidation, as is implied in the article.
ROGER L. NORTON
Sherman Oaks
Norton is president of Lowell, Smith & Evers, Inc.
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