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

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

You may find that Periodic Billing Statements are being produced for loans where the consumer is in bankruptcy, and you do not want to produce or send these out.


Environment:

Periodic Billing Statements are being produced for loans where the consumer is in bankruptcy

Workaround:

The CFPB has indicated that the Periodic Billing Statement does not need to be provided when the consumer is in bankruptcy. 

If you do not want to produce a Periodic Billing Statement for loans with an active bankruptcy, when you run the Periodic Billing Statement event, you may select the filter of BankruptcyInd and a Value of No.

ArticleNumber:

000065913