Posted By: lmbcomply
first periodic statement after loan transfer - 11/16/19 01:09 PM
Section 1026.41 states that YTD information must appear in the statement on a monthly basis. With a transfer of servicing should the YTD block on the statement show the entire calendar year with information from the old servicer and new servicer or just the new servicer information and only their year to date information once getting the loan?
For example - Old servicer will cut statements for December 1 payment in November with their full ytd information. New servicer will get December payments and issue a statement mid December for the Jan 1 payment. The December statement (for the Jan payment) should reflect the full YTD information for calendar year and not just the December figures for payments transactions.
For example - Old servicer will cut statements for December 1 payment in November with their full ytd information. New servicer will get December payments and issue a statement mid December for the Jan 1 payment. The December statement (for the Jan payment) should reflect the full YTD information for calendar year and not just the December figures for payments transactions.