A borrower must be notified of a late fee within how many days after the due date of a payment?

A borrower must be notified of a late fee within 45 days after the due date of a payment. This timeline is established to ensure that borrowers are promptly informed of their payment status and can take appropriate action if necessary. Providing a notification within this timeframe is important for maintaining transparency and fairness in the lending process, helping borrowers to be aware of additional charges they may incur if payments are not made on time. Understanding this requirement helps mortgage loan originators communicate effectively with borrowers and adhere to regulatory standards, thereby fostering trust and clarity in the mortgage lending relationship.