Monthly Periodic Statement Enhancements
We’re pleased to report the following copy change enhancements to the CFPB compliant monthly periodic statement:
- In the Explanation of Amount Due section of the statement the following copy was changed:
- Overdue Payment to Overdue Amount;
- Regular Monthly Payment to Regular Monthly Payment Due (MMDDYY) – (pulling in the payment due date for which the bill is being generated).
- Total Fees Charged to Total Fees Charged Since Last Statement
- In the Past Payments Breakdown section of the statement copy Paid Last Month was changed to Paid Since Last Statement
- For Foreclosure and Loss Mitigation Loans only, under the Important Information Section, the word “Loan” was added in front of “Statement” so it now reads: This Loan Statement is for INFORMATIONAL PURPOSES ONLY.
We will continue to look for ways to enhance and improve our monthly periodic statements to better serve you and your borrowers.