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CFPB Know Your Rights Mortgage Servicer Comply Federal Rules Handout
CFPB Know Your Rights Mortgage Servicer Comply Federal Rules Handout
This may not be the same as the § Payment history—How your total payments have
been applied, since your last statement and since
bank or financial institution you the beginning of the year; transaction activity,
went to for your mortgage. with the amount and date of charges or credits
that affect your current bill; and information on
Your servicer is required to give you correct partial payments (that is, payments you made
information, without delays. that were less than the full amount owed) and
what must be done for the money to be applied
to your loan balance
Billing information in writing § Missed or late payments—If you fall behind more
Servicers have to give you a written mortgage than 45 days on your payments, the mortgage
statement each billing cycle showing detailed servicer sends you a notice of delinquency. This
information, as it applies to your situation. There are can be on your statement or a separate notice.
exceptions: It shows the date you became delinquent, your
account history for the past six months, how
§ If you have a “coupon book” that shows your much to pay to bring your account current,
mortgage payments, the coupons take the place possible risks and costs (such as foreclosure)
of billing statements. if you don’t bring your payments up to date,
information about any foreclosure avoidance
§ If your lender is categorized as a “small options or loss mitigation programs that you’ve
servicer,” which includes some state housing agreed to (if applicable), information about
finance agencies that make a small number of housing counseling, and a notice whether the
low-interest loans to low- and middle-income servicer has started the foreclosure process.
borrowers, the lender is not required to give you
a written statement. § Other information—The principal amount you
currently owe on your loan; the interest rate, and
Here’s what your statement must show: if you have an interest rate that could change, the
next date it is scheduled to change; the penalty
§ Current payment amount—What you owe; how
for paying off your loan early, if there is one;
much money is applied to principal, interest, and
general contact information for your servicer;
escrow; late payment fees and the date you need
the special mailing address, if there is one, for
to pay the amount to avoid the fee; payment
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Protection Bureau Learn more at consumerfinance.gov 1 of 3
written requests for information about your loan generally protects only the lender, not you. The
or for reporting an error your servicer has made; insurance cost varies, and the servicer is not
and how to contact a housing counselor for help permitted to overcharge you.
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Protection Bureau Learn more at consumerfinance.gov 2 of 3
servicer generally has to respond before the respond promptly and correctly to your complaints
date of the foreclosure sale. There’s an exception: and requests for information. They must pass along
If the servicer receives a complaint within seven correct information about your account when
days of the sale, the servicer just has to make a
the servicer transfers the servicing of your loan
good-faith effort to respond to it.
to another company. If you are having difficulties
§ Request for owner’s information—If you are paying your loan, they must properly evaluate your
asking to know about the owner or assigned application for relief. And, they must keep records
owner of a mortgage loan (for example, if you for at least one year after you pay off your loan, or
are looking for the owner’s identity, address, or
after the loan is transferred to a new servicer.
contact information) the servicer must send a
response not later than 10 days after they receive
your request (excluding legal public holidays and
weekends).
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§ Errors in payoff balance—If you believe the
servicer has made an error or failed to tell you The Consumer Financial Protection Bureau
the accurate amount to pay off your mortgage regulates the offering and provision of
in full, the servicer must send a response no consumer financial products and services
later than seven days after they receive your under the federal consumer financial laws,
written notice of the error (excluding legal public
and educates and empowers consumers to
holidays and weekends).
make better informed financial decisions.
Then, the servicer has 30 business days to resolve
Learn more at consumerfinance.gov
the issue—which means they have to respond to
information requests, resolve any alleged errors, or
explain to you why they believe no error was made. Connect with us
For some errors and information requests, the
servicer can extend the time period an additional Submit a complaint
consumerfinance.gov/complaint
15 days if you are notified in advance and given the
reasons for the extension.
Tell your story
consumerfinance.gov/your-story
Your credit report has protections from errors. If
you report an error to your servicer related to a
Get answers to money questions
mortgage payment, your servicer is not allowed
consumerfinance.gov/askcfpb
to send negative information to a credit reporting
company regarding that payment for 60 days after
Share your thoughts
receiving your notice of the error. facebook.com/cfpb
twitter.com/cfpb
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Protection Bureau Learn more at consumerfinance.gov 3 of 3
9/2020