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.

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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.