Loans Paid through Next Month Receiving Billing for $0.00 Amount Due on Periodic Statement

Loans that are prepaid, or new and first payment not due in the next month, are receiving a periodic statement that indicates that the amount due is zero.

Workaround:

This is correct. Regulation Z requires a periodic mortgage statement be provided to the consumer for each billing cycle. The content contained on the periodic statement is specific to a billing cycle. Loans that are paid ahead display a due date that is already paid, and an amount due of $0.00. The periodic statement is always for the next scheduled due date, regardless of the due date of the loan. This is a transition from the way the Monthly Billing Statement has worked in the past and is by design.

ArticleNumber:

000066579

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Loans Paid through Next Month Receiving Billing for $0.00 Amount Due on Periodic Statement

Loans Paid through Next Month Receiving Billing for $0.00 Amount Due on Periodic Statement

Related Articles

Periodic Billing Statement Shows Transaction Activity for Entire History of the Loan instead of only Last Month's Transaction Activity

Periodic Billing Statements are Generated for All Prior Months Instead of for Only the Current Month

Billing statement export does not have identifier field to identify loans that are receiving online billing statements

Periodic Billing Statement Event Does Not Include Loans that are set up with Exception Mail Stops or Coupon Stops

Periodic Billing Statements are Being Produced for Loans Where the Consumer is in Bankruptcy