What Are the Specific Formal Requirements for Periodic Statements?
Federal law regulates mortgage servicers' periodic statements in terms of both form and content.
As for the form, the periodic statement must be sent within a "reasonable prompt" time after the payment due date or at the end of a courtesy period, if applicable. In practice, this means no later than 4 business days.
As for the content, periodic statements must contain:
1) The amount due, which must include:
* Payment due date * Amount due * Amount of late fees, if applicable
2) Explanation of the amount due, which must include:
* Monthly payment amount, including a breakdown of how much goes to principal, interest, and escrow * Total of fees imposed, including servicing fees * Past amount due
3) Past payment breakdown and transaction activity, which must include:
* Payments made since the last statement and their application to principal, interest, [escrow](https://resources.tellusapp.com/mortgage/tags/escrow), fees, and suspense account * Payments made since the beginning of the calendar year and their application to principal, interest, escrow, fees, and suspense account * List of all the transaction activities since the last statement
4) Partial payment information, only if funds are held in a suspense account. In this case, information must be related to what must be done for the funds to be applied.
5) Contact information of the servicer, generally in the form of a phone number or email address
6) General account information, which must include:
* The outstanding principal balance * Current interest rate * Date when the interest rate may change, if the loan has a variable interest rate * Prepayment penalty information, if applicable * Housing counselor information
7) Delinquency information, only if the borrower is 45 days or more delinquent.
- What Is Predatory Mortgage Servicing?
- 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?
- Are There Any Exceptions to the Periodic Statement Rule?
- How Many Periodic Statements Am I Entitled to Receive?