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.
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
• Explain when periodic statements are required and the coupon book
