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Final Bill

Servicers can use the final bill function to create and monitor deadlines for vendor invoice submissions on a per loan basis. Final bill is useful for servicing transfers, claim filings, paid-in-full loans, or charge offs. With final bill, a servicer can control selected events in the default process and can prevent a vendor from submitting invoices after a final bill deadline passes.

When a servicer creates a final bill deadline notice on a loan, one of the following actions can occur:

• If a previously submitted invoice is involved or you do not have an invoice to submit, you can respond and complete the deadline by using one of two options in the Invoice Deadline Pending Report. One option is to indicate that an invoice was Already Submitted and the other is to note that there is No Invoice To Submit.
• If you attempt to submit an invoice after the deadline, and the servicer has not indicated that no further invoices will be accepted, the invoice is tagged with the Late Invoice exception.
• If you attempt to submit an invoice after the deadline, and the servicer has indicated that no further invoices will be accepted, during invoice submission a message indicates the servicer is no longer accepting invoices on the loan. As a result, you cannot create the invoice.
• If you attempt to submit an invoice by the deadline, the deadline is treated as Completed With a Timely Invoice.

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Confidential, Proprietary and/or Trade Secret
TM SM Registered Trademark(s) of Intercontinental Exchange, Inc. or a subsidiary or affiliate
Copyright 2024 Intercontinental Exchange, Inc. All Rights Reserved
ICE | Privacy Notice