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Setting Up ACH and Your First Payment

How payments work from day one, and what to expect as your loan progresses

Why ACH Is Required

Upright Lending requires ACH enrollment before your loan funds. This ensures payments are collected reliably and on time, and protects you from missed payments and late fees. ACH enrollment is a condition of closing, so make sure it is completed before your funding date.

How Payments Work After Funding

Phase 1 - Interest Reserve

Your initial payments draw from the interest reserve, if established at closing. During this phase, no action is needed from you. The reserve covers your monthly interest payments automatically.

Phase 2 - ACH Activates

Once the interest reserve is depleted (or falls below the minimum monthly payment amount), ACH automatically begins withdrawing your monthly payment from your bank account. You will be notified before this transition happens so there are no surprises.

Payment Details

  • Payments are collected by FCI Lender Services, your loan servicer
  • Due dates and payment amounts are defined in your loan documents
  • There is a 10-day grace period after the due date
  • Late charges may apply per your loan documents if payment is not received within the grace period

What If a Payment Fails?

Payment issues happen, and they are usually easy to resolve when caught early. Common causes include:

  • Insufficient funds
  • Bank holds or processing delays
  • Recent account changes
  • Incorrect routing or account information

Your team will follow up quickly if a payment fails. However, the best practice is to contact your branch team before the due date if you anticipate a timing issue. Solutions are always easier and less expensive when handled proactively.

Important: Payments must be current before your loan is eligible for a construction draw or term extension.

Making a Payment

You have two options for making a payment:

Bank Account Changes

If you need to update your bank account information for ACH, contact your branch team or FCI directly. Make sure any changes are in place well before your next payment date to avoid disruptions.