This Recurring Payment Authorization (“Authorization”) is for the loan you are applying
to borrow. If you have one or more existing loan(s) with Launch Servicing, this
Authorization is for the loan(s) identified by the Loan ID Number(s) listed on the Credit
Agreement.
Authorization to Electronically Debit Your Payment Account. You authorize Doc2Doc
Lending, Launch Servicing, their affiliates and subsidiaries, and their service providers,
agents, successors, and assigns (collectively, “we,” “us,” or “our”), to electronically debit
the checking or savings account (or, if accepted by your lender, the credit card) you
specify on your loan application or on launchservicing.com, as applicable, or any
substitute account you later provide (the “Payment Account”), on the Payment Due Date
set forth in your billing statement (or the next business day(s) in the event of a weekend or
holiday) or any different date to which you and we may agree the Minimum Monthly
Payment identified on the billing statement before the electronic debit is scheduled to
occur.
You should contact us if you wish to authorize electronic debits in excess of your
Minimum Monthly Payment Amount.
If we encounter any difficulties that prevent us from initiating an electronic debit to your
Payment Account on the date described above, you authorize us to do so as soon as we
reasonably can. You further authorize us to electronically debit any returned payment fees
you may incur. The Truth in Lending Disclosure Statement/Credit Agreement for your
loan provides the amount of any such fee. We may also update your enrollment from the
Fixed Amount option to the Minimum Monthly Payment option at our discretion due to
special circumstances and will tell you if we do so.
Effective Date. You should make any payment that may be due for the enrolled loan(s) by
some other method until the billing statement reflects your enrollment. Your loan(s) must
be current to enroll in recurring payments. This Authorization will remain in effect until
terminated or the enrolled loan(s) is paid in full.
Authorization to Correct Errors; Initiate Other Debits You Request; Returned Payments;
Fees. You authorize us to electronically debit or credit your Payment Account to correct
any error we make in processing a payment. Instead of or in addition to any debits
described elsewhere in this Authorization, you authorize us to electronically debit your
Payment Account for any amount and on any date you subsequently direct by phone or
other method we make available. If any electronic debit is rejected, we may, but are not
required to, reinitiate it up to two times or any greater number of times permitted by
network rules. You are responsible for overdraft, insufficient funds, and other service fees
your financial institution may charge in connection with your Payment Account.
Authorization to Vary Amounts. You have the right to receive written notice if a recurring
electronic debit will vary from the authorized amount. We will provide at least 10 days
advance written notice of any recurring electronic debit that varies from the authorized
amount. However, if you expressly request that we vary the amount of a recurring
electronic debit and we grant your request, you agree that we need not provide written
notice.
Termination by You or Us. You may terminate your enrollment in recurring payments at
any time by logging into your account at launchservicing.com, calling us at 877-354-
2629, or writing to us at PO Box 91910, Sioux Falls, SD 57109-1910. Any termination
request must be received by us at least three business days before the scheduled date of a
debit. If your termination request is not received in time to cancel the debit, we will
terminate your enrollment immediately following the debit. We may terminate your
enrollment in recurring payments at any time for any reason, including, for example, as a
result of excessive returned payments or if we receive notice of a bankruptcy filing.
Termination of your enrollment by you or us does not affect your obligation to make your
loan payments.
Multiple Loans. If you elect to repay a loan via recurring payments and we service one or
more other loans for you, we will offer you the option to enroll your other loan(s) in
recurring payments subject to the terms of this Authorization.
If you elect to repay multiple loans we service via recurring payments debited from
the same Payment Account, and the loans share a Payment Due Date, then your
payment will be debited in a single transaction. Your Payment Account must have
funds to pay the total amount you owe on your loans on each Payment Due Date.
Otherwise, the payment will not be processed (no payment will be credited to any
loan).
If you wish to add a different Payment Account or request separate debit transactions,
please contact us by phone at 877-354-2629.
Forbearance or Deferment. During any authorized period of forbearance or deferment, we
will suspend electronic debits. Upon completion of the forbearance or deferment, your
Minimum Payment Amount will automatically resume. You will need to contact us to re-
enroll for any payments that are different than your Minimum Payment Amount.
Effect of Making Additional Payments. If you make an additional payment while enrolled
in recurring payments, it will not change the amount of the electronic debit we initiate.
Suspension of “Pay Ahead” Feature. Enrolling in recurring payments suspends any “pay
ahead” feature of the enrolled loan(s). Any amount that was paid ahead at the time of
enrollment will remain applied to the loan’s current balance but will not reduce the
amount of future payments.
Miscellaneous. This Authorization applies exclusively to the loan you are applying for or
the loan(s) you identify on your account at launchservicing.com. You must execute
separate authorizations for any other loans you have with us or obtain in the future. If
enrollment in recurring payments qualifies the loan(s) for an interest rate reduction, it may
take up to two billing periods for the reduction to take effect. The rate reduction applies
only during active repayment for as long as the Minimum Monthly Payment is
successfully debited from the Payment Account each month and may therefore be
suspended during a forbearance or deferment period. If you are re-enrolling a loan that
was previously dis-enrolled by us from recurring payments (because, e.g., of excessive
returned payments), you may or may not be eligible for a rate reduction upon re-
enrollment. You promise that you are an authorized signer on the Payment Account or
otherwise have the authority to provide this Authorization. This Authorization supersedes any prior recurring payment authorization you may have executed.