Homeowners, each Year, send a Request for Information from Servicer to make sure your monthly mortgage is applied correctly. Here’s how:

It is necessary to check up on your Servicer to make sure your monthly mortgage payments are applied correctly to prevent costly surprises.

How can you ‘check up’ on your Servicer?  There is a new tool, a quick and easy letter, called a “Request for Information” letter.  The Consumer Financial Protection Bureau has a template for the letter

Be sure and include your name, property address and mortgage account number on your letter and send your letter to the address for ‘information requests’.  This address is usually on your monthly mortgage statement or call your Servicer for the address.

The information request is for:

  • What is the payoff balance of your loan?
  • What is the principal balance of your loan?
  • What fees, expenses or charges have been added to your loan?
  • Is any money held in suspense?
  • How has your Servicer applied for your payments?

The Servicer must acknowledge receipt of your request within 5 business days.

The Servicer must provide responses within 30 business days.

Mark your calendar. Make this an annual event and save your responses so you can compare to see (1) if they are consistent or (2) find any unexpected changes and prevent a crisis.

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