Are There Any Exceptions to the Periodic Statement Rule?
Yes. The general rule is that the Periodic Statement Rule applies to any closed-end mortgage secured by a dwelling. A "closed-end" mortgage refers to loans where the principal is the only amount you are allowed to borrow against your property, meaning you cannot renegotiate the mortgage, refinance your mortgage, take out a second mortgage or take out a home-equity loan without permission from your lender. The term “secured by a dwelling” refers to loans secured by real estate.
The Periodic Statement Rule does not apply to:
Open-end loans or lines of credit
Home-equity lines of credit (HELOCs)
Loans serviced by small servicers
Loans while the borrower is a debtor in bankruptcy, in certain circumstances
Loans that have been charged-off, that is, whenever the lender declares your loan is unlikely to be collected, in certain circumstances
- What Is Predatory Mortgage Servicing?
- What Are the Specific Formal Requirements for Periodic Statements?
- What Are Coupon Books and When Can They Replace Periodic Statements?
- When Are Servicers Allowed to Stop Providing Periodic Statements or Coupon Books?
- How Are Periodic Statements Delivered?
- What Is the Rule on Interest Rate Adjustment Notices?
- When Should I Receive an Interest Rate Adjustment Notice?
- What Information Must Be Included in the Initial and Ongoing Interest Rate Adjustment Notices?
- What Is the Prompt Payment Crediting Rule for Servicing Companies?
- What Are the Prompt Payment Crediting and Payoff Statement Rules for Servicers?
- Can the Loan Servicer Refuse to Provide You with a Payoff Balance Statement within 7 Days?
- Can I Choose My Mortgage Servicing Company?
- Are There Any Rules Regarding Written Communication with Servicing Companies?
- Are Servicers Allowed to Charge a Borrower for Force-Placed Insurance Coverage?
- What Are the General Rules Regarding Servicing Policies, Procedures, and Requirements?
- Are There Any Special Rules for Servicers When Dealing with Delinquent Borrowers?
- What Is the "Successors in Interest Rule" for Servicing Companies?
- How Should I Inform Servicers When I Become a Successor in Interest?
- Am I Liable for the Loan Once Confirmed as a Successor in Interest?
- Can I Change My Mortgage Servicing Company?
- Can I Turn to a Government Agency to Complain Against a Mortgage Servicing Company?
- Are There Any Federal Laws Protecting Me from Mortgage Servicers?
- What Are the Mortgage Servicing Rules Issued by the Consumer Financial Protection Bureau?
- What Is the Periodic Statement Rule for Mortgage Servicers?
- How Many Periodic Statements Am I Entitled to Receive?