Annual Mortgage History Statements

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Question:

What are the requirements for sending annual mortgage history statements to customers? We send the 1098 as required, but we are also sending a mortgage history statement to every account secured by real estate. Is this necessary?

Answer:

Under Federal laws, you would have required escrow statements for those loans subject to RESPA, on which you have an escrow account. State law may impose additional requirements, especially when you have any adjustable/variable rates.

First published on BankersOnline.com 4/10/06