You voluntarily authorize Concord Servicing on behalf of the lender or subsequent holder of your loan as well as any successor servicer (“we” or “us”) to initiate electronic debits (also known as “ACH payments”) from your deposit account, or any substitute accounts you designate in the future (“Authorization”).

The amount debited will be the monthly payment owed on your account (or any modified amounts later agreed to). Such debits will be made on or shortly after your payment due date each month. You also authorize us to automatically debit any of the following payment(s): (i) any prepayments or other payments you should schedule through the website, or otherwise authorize (verbally or in writing); or (ii) the amount of any late charges or NSF fees due under your loan agreement from time to time. You authorize us to make such debits until such time as your loan obligation and any other amounts owed to us are paid in full unless you cancel this Authorization pursuant to the terms below. Also, if any amount debited will vary from the authorized Payment Amount, we will provide notice at least (10) days before the scheduled date of the debit.

By authorizing, you voluntarily permit us to electronically debit your account (and, if necessary, electronically credit your account to correct erroneous debits). We may also resubmit electronic debits that are not honored up to two additional times, and you may be liable to your Depository institution (“Depository”) for resulting charges if you do not have sufficient funds in the account at the time of resubmission.

You promise that you are authorized to agree to ACH debits from the account at the Depository described and you are not required to obtain the agreement or consent of any other person who owns or has a claim to the funds in that account (and that you have obtained all required agreements and consents from other persons who own or have a claim to funds in that account). If you inadvertently transpose a digit or make a similar error after verifying the information with you. You understand that if your account at the Depository does not have enough available collected funds to cover the scheduled debit, the Depository may charge you overdraft or other fees, and you may owe us an NSF and/or late fee as described in the loan agreement.

You can cancel this Authorization or any payment under this Authorization by contacting us at loanservicing@joinmosaic.com (or any substitute email address or point of contact which we have provided with your notice); such cancellation will be effective withing three (3) business days after receipt. You may also cancel this Authorization by giving the Depository notice of termination or by stopping payment of any scheduled debit at least three (3) business days before the scheduled date of the next debit. You may obtain additional information about the Depository’s preauthorization ACH debit stop payment requirements. You may authorize direct payments from a new account by updating us via your online account at least three (3) business days prior to your payment due date. Such new account will replace the account designated in this Authorization and will be subject to these terms and conditions. You understand that if you terminate this Authorization or stop payment of any scheduled debit(s), you will still be required to make the monthly payments and other payments under the loan agreement.

You further understand that your loan agreement offers a 0.25% rate reduction on loans that are paid under this Authorization. If you terminate this Authorization or we terminate this Authorization pursuant to the terms set forth in your loan agreement, your annual percentage rate will increase by 0.25%. An increase will take the form of higher payment amounts. If you switch from check to ACH payments by consenting to this Authorization, it may take one billing cycle for the interest rate reduction to take effect.