Sample "Mortgage Loan Billing Statement"

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MORTGAGE LOAN – BILLING STATEMENT EXAMPLE
MORTGAGE LOAN – BILLING STATEMENT EXAMPLE
1.
Statement Date – Date the statement was printed.
2.
Loan Number – Displays the account number for the loan.
3.
Interest Rate – Interest rate at which the billing is calculated.
4.
Type of Loan – Defaults the type of the loan. (5Yr Adj, Variable Rte, or
Variable ITL, etc)
5.
Sequence Number and Special Handling Code – The bill file assigns a
sequential number to the billing statements to insure all statements that were
printed matches up with the statements mailed. The second number
designates the Special Handling Code assigned by the association.
6.
Servicing Loan Officer – Displays the servicing loan officer’s name, association
office and phone number.
7.
Balances Prior to Billing Transactions are Shown Below – Displays balances,
as of the statement date, for the following accounts:
• Principal
• Installment Fund
• Reserve Fund
• Undisbursed Loan Proceeds
• Insurance Loss Proceeds
8.
Customer Name and Address – Displays the borrower’s name and address.
• First Line – Borrower Name from Account Title 1.
• Second Line – Borrower Name from Account Title 2.
• Third Line – Address Line 1 from loan address.
• Fourth Line – Address Line 2 from loan address. (if applicable)
• Fifth Line – City, State, and Zip Code from loan address.
9.
Any Transactions to this Loan On or After Statement Date Could Affect Amount
Due – Disclosure message regarding changes to the billed amounts if
transactions are applied between statement date and the due date of the loan.
10. Effective Date Column – Displays the effective date of the items listed in the
body of the statement. Effective dates listed next to an amount due represent
the due dates.
11. Interest Rate Message – Displays the interest rate changes that occurred on
the loan since the last billing.
12. Interest Column – Displays any interest information that is due or is an interest
credit. Read the item listed in the Description column next to the interest
amount to determine if it is a due item or credit item.
13. Principal Column – Displays any principal information that is due or is a
principal credit. Read the item listed in the Description column next to the
principal amount to determine if it is a due item or credit item.
14. Total Amount Due – Displays the total amount due for each specific line item.
Read the item listed in the Description column.
15. Sub-Total Billed Amt – Displays a sub-total amount for the bill representing the
original amount due before any Interest Credit or Principal dollars from escrow
accounts are applied.
16. Interest Credit (Escrow Account name) – Displays total accrued interest, from
the escrow account listed, that will be applied to the payment if the payment is
not satisfied by the due date.
17. Payment From (Escrow Account name) – Displays principal amount, from the
escrow account listed, that will be applied to the payment if the payment is not
satisfied by the due date.
18. Total Amount Due – Sum total of the Total Amount Due column. If the columns
sum to $0.00, then $0.00 displays.
Other Items that can print in the body of the billing statement.
• Informational Not A Bill – Prints on the first line of the body of the
statement if the loan is in Bankruptcy.
• Late Fee – Prints the total late charge fee that has been assessed
against the loan.
• Advances – Total dollars of all advances on a loan.
• Default Interest – Default Interest, including any Miscellaneous Advance
default interest on the loan.
19. Add if Payment Received at Office After – Displays the late fee amount from
the loan.
Add Per Day if payment is Received at Office After – Displays the late charge
per diem if the loan carries default interest.
Both items will print on the statement if applicable.
20. Keep This Portion For Your Records – The printed billing statement (form) has
a perforated line where the customer can tear the bottom portion of the form off
and mail it into the association with the payment. The top portion can be kept
for the customer’s records.
21. Stmt Date, Branch, Loan Number, Frequency – Detailed information will print
for each of the categories in the column. Repeat information for the payment
coupon.
22. Due on or Before – The date the payment is due at the office.
23. Total Amount Due – Displays the total amount due for the loan – same as line
item 18.
24. Amount Enclosed – Space for the customer to write in the total amount of
dollars enclosed with the payment coupon.
25. Reserve Fund, Installment Fund, Special Principal Pmt, Prepaid Interest Blank
Lines – Area where the customer can designate how to apply additional dollars
mailed with the payment to the association.
26. Address Changed Marked – Checkbox for the customer to designate if there is
a change of address to report. There is an area on the back side of the
payment coupon where the borrower can print the address change.
27. Customer Name and Address – Displays the borrower’s name and address.
• First Line – Borrower Name from Account Title 1.
• Second Line – Borrower Name from Account Title 2.
• Third Line – Address Line 1 from loan address.
• Fourth Line – Address Line 2 from loan address. (if applicable)
• Fifth Line – City, State, and Zip Code from loan address.
28. Association Name and Address – The association’s name and address is
placed in the precise location for a window envelope. The window envelope is
mailed with the billing statement. The customer can tear the payment coupon
off and mail it, with the payment, in the envelope provided.