Periodic Statements for a Reaffirmed Loan

Question: 

How should we handle the periodic statement requirements once a customer has reaffirmed a loan after bankruptcy?

 

 

Answer:

You must go back to providing regular periodic statements, however you would qualify for a “single-statement exemption”.  As a result, you would not have to provide a statement for the billing cycle during which reaffirmation occurs.

 

Join us for the Mortgage Servicing Webinar on August 1, 2019. We will answer all the questions submitted during the live webinar, in writing.

 

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Published
2019/07/05

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