A clear mortgage statement every billing cycle
12 C.F.R. § 1026.41(a)(2)
In plain words
Your servicer must send you a statement for each billing cycle (usually monthly). It must show the amount due and due date, how your last payments were applied, fees charged, and contact information. If you are behind, it must also show how far behind you are and where to get housing counseling.
Who is protected
Consumers with a closed-end mortgage loan secured by a dwelling.
When it applies
- Only for conventional, FHA, VA, USDA or home-equity loans.
- Reverse mortgages, timeshares and small servicers are exempt; some fixed-rate loans may use a coupon book instead.
- Special rules apply if you are in bankruptcy or received a discharge.
What you can do
Request missing statements or history
If statements stopped coming or look wrong, send a request for information for your full payment history and a notice of error for any mistake.
Open the tool
Honest limits
- The statement rule is about information. It does not by itself change what you owe.
- This is general legal information, not legal advice, and it does not promise any result. A HUD-approved housing counselor or a lawyer can look at your facts.
The law
- Federal regulationTILA / Regulation Z — periodic statements
12 C.F.R. § 1026.41(a)(2)
Exact part: (a)(2)
What it says: A servicer must give the consumer a periodic statement for each billing cycle.
Read the official texthttps://www.ecfr.gov/current/title-12/part-1026/section-1026.41#p-1026.41(a)(2) - Federal regulationRegulation Z — statement contents
12 C.F.R. § 1026.41(d)
Exact part: (d)
What it says: The statement must list amounts due, an explanation of the amount due, past payment breakdown, transaction activity, contact information and delinquency information.
Read the official texthttps://www.ecfr.gov/current/title-12/part-1026/section-1026.41#p-1026.41(d) - Federal regulationRegulation Z — exemptions
12 C.F.R. § 1026.41(e)
Exact part: (e)
What it says: Reverse mortgages, timeshares, coupon-book loans, small servicers and certain borrowers in bankruptcy are exempt.
Read the official texthttps://www.ecfr.gov/current/title-12/part-1026/section-1026.41#p-1026.41(e)
Court cases
- Homeowner wonSame topicRenfroe v. Nationstar Mortgage, LLC
Renfroe v. Nationstar Mortg., LLC, 822 F.3d 1241 (11th Cir. 2016)
a servicer that answers a borrower's written request without a reasonable investigation may be liable under RESPA when the borrower alleges resulting damages
- Homeowner wonSame topicJesinoski v. Countrywide Home Loans, Inc.
Jesinoski v. Countrywide Home Loans, Inc., 574 U.S. 259 (2015)
a borrower exercises the Truth in Lending right to rescind by notifying the lender in writing within three years, without needing to sue within that period
- Homeowner wonSame topicMarais v. Chase Home Finance LLC
Marais v. Chase Home Fin. LLC, 736 F.3d 711 (6th Cir. 2013)
a borrower who alleges actual damages, such as added interest, caused by a servicer's deficient response to a qualified written request states a RESPA claim
- Homeowner lostSame topicLage v. Ocwen Loan Servicing LLC
Lage v. Ocwen Loan Servicing LLC, 839 F.3d 1003 (11th Cir. 2016)
a servicer's duty to evaluate a loss-mitigation application depends on its being submitted more than 37 days before the sale date scheduled at that time
- Homeowner lostSame topicGresham v. Wells Fargo Bank, N.A.
Gresham v. Wells Fargo Bank, N.A., 642 F. App'x 355 (5th Cir. 2016) (per curiam) (unpublished)
the federal dual-tracking bar applies only when the servicer receives a complete loss-mitigation application more than 37 days before the foreclosure sale
- Homeowner lostSame topicWhittier v. Ocwen Loan Servicing, L.L.C.
Whittier v. Ocwen Loan Servicing, L.L.C., 594 F. App'x 833 (5th Cir. 2014) (per curiam) (unpublished)
a RESPA claim against a servicer fails without evidence of actual damages caused by the violation
Related rights
Your payment must be credited the day it arrives
12 C.F.R. § 1026.36(c)(1)(i)
When your servicer gets a full monthly payment (principal, interest and escrow), it must credit it to your loan as of the day it is received. It cannot hold your payment and then charge you a late fee or report you late because of its own delay.
Read this rightGet information from your servicer (request for information)
12 C.F.R. § 1024.36(a)
You can ask your servicer in writing for information about your loan — for example your payment history, who owns your loan, or how your escrow was figured. The servicer must confirm it got your request within 5 business days and answer within 30 business days. If you ask who owns your loan, it must tell you within 10 business days.
Read this rightMake your servicer fix mistakes (notice of error)
12 C.F.R. § 1024.35(a)
If your mortgage servicer made a mistake — like not crediting a payment, charging a wrong fee, or giving a wrong payoff amount — you can send a written "notice of error." The servicer must confirm it got your letter within 5 business days. It then has to fix the error or explain in writing, after a reasonable investigation, why it thinks there was no error, usually within 30 business days.
Read this rightNo discrimination in housing or home loans (Fair Housing Act)
42 U.S.C. § 3604(a)–(b)
It is illegal to discriminate in selling, renting, or financing a home because of race, color, religion, sex, disability, familial status (having children), or national origin. This covers mortgage lenders and servicers too — for example, in who gets offered a loan modification and on what terms. You can file a complaint with HUD within 1 year or go to court within 2 years.
Read this rightDispute errors on your credit report
15 U.S.C. § 1681i(a)(1)(A)
If your credit report has something wrong or incomplete — like a payment reported late that you made on time — you can dispute it with the credit bureau for free. The bureau must investigate, usually within 30 days, and fix or delete information it cannot verify.
Read this rightMake the company that reported the error investigate it
15 U.S.C. § 1681s-2(b)(1)
The company that reported the information — such as your servicer — must investigate when a credit bureau passes along your dispute, and fix what is wrong with every bureau. In many cases you can also dispute directly with that company, which must then investigate and report back to you.
Read this right