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#1746411 - 10/03/12 08:20 PM Monthly Mortgage Statement
t0dd Offline
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Joined: Sep 2004
Posts: 219
If we have customer who elect to set up automatic payments on their mortgage account are we still required to send out a monthly billing statement?

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Lending Compliance
#1747363 - 10/08/12 11:59 AM Re: Monthly Mortgage Statement t0dd
rlcarey Online
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Joined: Jul 2001
Posts: 79,893
Galveston, TX
You are going to have to wait until the regulations on monthly mortgage statements are finalized to make that determination.
The opinions expressed here should not be construed to be those of my employer:

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#1747874 - 10/10/12 02:36 AM Re: Monthly Mortgage Statement t0dd
jlroberts Offline
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Joined: Sep 2009
Posts: 1,579
We're wondering that as well. At our place the ppl that sign up for automatic payment do it for a reason, they don't what the paper or to deal with the hassle of remembering to make their payments. So, in order to protect them we might have to send them a statement (that they don't want) with information on it so an ID Theft person can steal from their mailbox.

Another thing we're wondering is if its loans originated going forward. Our loans originated prior to 2004 still use passbooks, will they all need converted? frown

We're currently looking into being able to deliver them electronically and the cost of that vs cost of producing and mailing the paper statement. We do that on on deposit side. Is anyone doing that now on loans?

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#1844230 - 08/20/13 07:06 PM Re: Monthly Mortgage Statement t0dd
Dave M_TCA Offline
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Dave M_TCA
Joined: Oct 2000
Posts: 683
Wherever my most benevolent em...
Piggybacking on this, jlroberts did you get an answer about the passbooks? I have a client that uses only passbooks still - could they be included in the coupon book exemption?
David J Mulkerin, CRCM
All opinions expressed are mine and not those of my employer and are not to be taken as legal advice.

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