What Is the Periodic Statement Rule for Mortgage Servicers?
The Periodic Statement Rule refers to the information disclosure requirement imposed on mortgage lenders and servicers. According to the Periodic Statement Rule, lenders and loan servicers are required to provide you with regular and accurate information about your mortgage loan. In particular, loan servicers are required to provide this information to you during each billing cycle (usually on a monthly basis). This periodic disclosure must contain relevant information about the status of your payment, delinquency (if applicable), and the servicing company's contact information.
The servicing company is required to send you this information no later than 4 days after each payment date.
It is important to keep in mind that if you are late on your payment, you will usually have a "grace period," which is an unofficial extension of the original payment date. In this scenario, the periodic information and payment statement is generally sent to you 4 days after the “grace period” expires.
- 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?
- Are There Any Exceptions to the Periodic Statement Rule?
- How Many Periodic Statements Am I Entitled to Receive?