Description
40min | Credits: 1 CRCM
Provides an understanding of payment posting requirements, rules related to handling partial and conforming payments, and payoff statement requirements. Describes information the periodic statement must contain related to payments, fees, transactions, contact information for the servicer and housing counselors, and statement timing, form, and content requirements.
Audience: Anyone performing duties in consumer mortgage servicing areas who generate periodic statements and coupon books, and those responsible for payment processing.
Learning Objectives
After completing this course, students will be able to:
- Explain the requirements for prompt crediting of payments, partial payments, and payoff requests
- Describe periodic statement requirements for special circumstances
- Describe the content of a periodic statement
- Examine the coupon book exemption and when periodic statements are required
- Identify the periodic statement requirements for borrowers in bankruptcy
This course is part of the ABA Frontline Compliance program.