Current Bill
The first item seems like the obvious, but in addition to your bill, you should be informed of how much will be divided between principal, interest, and escrow. For mortgage loans with multiple payment options, you should also be told of how each option will affect your total principal balance. In addition, if there's a late fee, you should know how much it will be and what date you need to send the bill by to avoid the fee.
Past Payments
This category reveals information on the total of your past payments. Similar to your current bill, it should also mention how those past payments were applied towards principal, interest, and escrow. Along with this, you should know when those payments were made and how they affect your credit towards the overall loan. For partial payments, the notice must clearly indicate what must be done to apply them towards your loan's balance.
Delinquency Information
Many fall behind on their loans. For this reason, the mortgage statement should include information on how to contact a housing counselor for assistance. For those 45 days or more behind on their loan payments, you should know:- Delinquency date
- Account history dating back six months
- Amount needed to bring your loan payments back to speed
- The risk(s) of delinquency
- Options aside from foreclosure
- Whether or not the foreclosure process has begun
Other Account Information
This category includes several miscellaneous information points. First, you should be told what your current interest rate is. If that rate is scheduled to change, the statement should tell you the date of change. If you pay off your loan early, you should also be told of any prepayment penalty. When it comes to reaching out to your loan servicer, general contact information, including address, should be available.
For more information on mortgage loan billing, contact Cambridge Title Company by phone at 224-330-1886 or by email at info@cambridgetitleco.com.
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