We have received notification that a loan accountholder would like to send their payment in the mail but have us wait until a specific date which will be after we receive the payment to apply it. Is this allowable. The regulations state that we have to apply the payment the date it was received, right?

I would tell them to make the payment when they want it applied. You can't be responsible regardless of the regulations.

The borrower has already mailed it and they are requesting it not be processed until such and such a date in case it gets dropped off earlier.

I would tell them that all mail is automatically processed and you have no way to pull out an individual payment. They need to make their payments when they have money. It is not your responsibility to intercept and hold payments. Tell them you are required by regulation to process payments when you receive them.

Thank you!