IMU_Final Bill

Final Bill

The final bill feature enables you to create and monitor deadlines for invoice submissions by vendors on a per loan basis. With final bill, servicers can set a deadline date for vendors to submit all remaining invoices for a loan. Servicers can also prevent vendors from submitting invoices after a final bill deadline passes. Final bill can also be used in conjunction with a servicing transfer, claim filing, paid-in-full loan, or charge off.

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

If a vendor's previously submitted invoice is involved or if the vendor does not have an invoice to submit, the vendor 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. To monitor deadlines that do not yet have vendor responses, review the Invoice Deadline Pending Report.
If the vendor attempts to submit an invoice after the deadline and you do not indicate that no further invoices will be accepted, InvoicingSM tags the invoice with the Late Invoice exception.
If the vendor attempts to submit an invoice after the deadline and you indicate that no further invoices will be accepted, a pop-up message appears during invoice submission that informs the vendor that you are no longer accepting invoices on the loan. As a result, InvoicingSM prevents the vendor from creating the invoice.
If the vendor attempts to submit an invoice by the deadline, InvoicingSM treats the deadline as Completed With a Timely Invoice.

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