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#2256657 - 07/14/21 01:21 PM Transaction Description on Periodic Statement
WDCA Offline
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Joined: Nov 2015
Posts: 81
We have a new mortgage vendor that uses different transaction descriptions on our periodic statements than our prior vendor. I'm concerned that most fees are now being listed as "Other Fee" rather than a specific fee description. I feel this will become confusing when there are multiple fees for different reasons that are all listed with the same "other fee" description.

1026.41(d)(4) states: Transaction activity:….This list must include the date of the transaction, a brief description of the transaction, and the amount of the transaction for each activity on the list....

Is "Other Fee" a brief description? Should I be concerned? Any thoughts or guidance is greatly appreciated!

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Lending Compliance
#2256661 - 07/14/21 02:04 PM Re: Transaction Description on Periodic Statement WDCA
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,356
Galveston, TX
What would be included? Late fees - what other fees would there be?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2256670 - 07/14/21 03:12 PM Re: Transaction Description on Periodic Statement WDCA
WDCA Offline
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Joined: Nov 2015
Posts: 81
Thanks. One example I have in front of me is for a delinquent loan. It shows a property inspection fee as "other fee". I was provided an extensive list from the vendor, some examples of fees categorized as "Other" are Property Tax Service fee, Flood Certificate fee, Partial Release fee, appraisal fee, BPO fee, Removal of PMI, Subordination fee, Mortgage SAT fees, legal fees...

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#2256673 - 07/14/21 03:51 PM Re: Transaction Description on Periodic Statement WDCA
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,356
Galveston, TX
If you include all of those as "Other Fee' on the periodic statement, I think you have a real issue. Many of those fees are closing costs though - so I am not sure why they would ever appear on the mortgage loan periodic statement.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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