Ok, so I have a quick question. Is it a requirement to give customers the Conforming Loan Payment Notice at closing, and if so are lenders having the customers sign something to confirm that they have received it? We have the notice posted in all areas that accept loan payments, and it is also listed on our website. We currently provide the notice at closing and have the customer initial they have received it. The lenders would like to stop providing it at closing. Any suggestions?

Thanks

*Bump*

How are the other methods you listed "in writing"?

1. Payment requirements. The servicer may specify reasonable requirements for making payments in writing, such as requiring that payments be accompanied by the account number or payment coupon; setting a cut-off hour for payment to be received, or setting different hours for payment by mail and payments made in person; specifying that only checks or money orders should be sent by mail; specifying that payment is to be made in U.S. dollars; or specifying one particular address for receiving payments, such as a post office box.

Thank You. I have instructed the lenders to continue to give the customers the notice in paper form at closing. I have always prefered that method, the lenders were just trying to cut down on the paperwork. Thanks Again

Is there a requirement for us to give a conforming loan payment notice or post it in our lobby if we do not sell loans into the secondary market and only portfolio our loans?

Conforming payment notices and posting of payments has nothing to do with whether or not you sell loans.