How to Read Your Mortgage Statement

How to Read Your Mortgage Statement
1Property Address. The address for the property
that is secured by your mortgage.
MONTHLY BILLING STATEMENT
Statement Date: 3/20/2012
PO Box 6172
Rapid City, SD 57709-6172
2 ACCOUNT INFORMATION SECTION
2 Principal Balance. The amount of money you still
owe on the loan, not including interest. This is not
the amount required to pay your account in full.
Escrow Balance. The amount currently in your
escrow account. An escrow account is set up as a
way to collect funds to pay certain bills associated
with your property, such as property taxes and
premiums for homeowners insurance, flood
insurance or private mortgage insurance.
Interest Rate. The current percentage rate you’re
being charged for the money you’re borrowing.
Interest Type. This is the interest method that is
assigned to your mortgage, based on the terms of
your loan. It will either be Simple (accrues interest
on a daily basis) or Actuarial (accrues interest on a
monthly basis).
3 EXPLANATION OF AMOUNT DUE SECTION
1234567
4/1/2012
$1,829.71
Account Number
Next Payment Due
Amount Due
If payment is received after 4/15/12, pay $1,989.71
1-111-TJNUM_1234567-111-2-333-444-555-666
Phone: 1-800-643-0202
Mon - Fri 7AM - 8PM CST
Saturday 7AM - 1PM CST
Email: customer.service@gtservicing.com
Customer Name 1
Customer Name 2
Address 1
Address 2
City State ZIP
1
Property Address
City , State Zip Code
Account Information
Explanation of Amount Due
Principal Balance (Not a Payoff Amount):
Escrow Balance*:
Principal:
Interest:
Escrow:
Regular Monthly Payment:
Total Fees & Charges Due:
Past Due Amount:
Total Amount Due:
2
3
Past Payments Breakdown
Interest Rate: (Until October 2012):
Interest Type:
Paid Last
Month
Principal Amount
Interest Amount
Escrow Amount
Fees
Total
Unapplied Amount
*Escrow represents monies collected and held by servicer for the future
payment of taxes and insurance.
Paid Year
to Date
4
Transaction Activity
Date
Description
Charges
3/17/12
Late Fee (charged because payment was received after 3/15/2012)
Payment Received - Thank you
$160.00
Payments
$1,669.71
5
Principal Due. The amount of principal you owe on
the loan this month.
Interest Due. The amount of interest you owe
this month.
Escrow Due. The amount you owe to satisfy your
escrow obligations for taxes and insurance.
(See “Escrow Balance” above.)
Regular Monthly Payment Due. The sum of the
previous three line items (principal, interest, and
escrow).
Total Fees and Charges. The amount of fees and
charges that are imposed on your account this
month. Detailed information outlining your fees and
charges can be found in the Transaction Activity
section of your statement.
Past Due Amount. This will appear if you didn’t pay
the full amount due on your mortgage in a previous
month. Note: Any payments you made after the
statement date will not be reflected in this monthly
billing statement.
Total Amount Due. This is what you need to pay
this month, including your regular monthly payment
and, if applicable, any past due amount, and fees
and charges imposed.
4 PAST PAYMENT BREAKDOWN SECTION
Shows how the funds from your payment were
allocated for the prior month and year-to-date.
5 TRANSACTION ACTIVITY SECTION
Detailed information of fees and charges imposed
and/or payments made in the past month.
6 PAYMENT COUPON
Total Payment Due. The amount you need to
pay this month.
Total Payment Enclosed. Write in how much you
are paying, whether it’s just the Payment Due or
the sum of Payment Due and any Extra Amount.
Please make your check payable to Green Tree
and write your nine-digit account number on
the face of the check. The Green Tree address
shown on the coupon should be visible through
the window of the payment envelope.
Detach and return this portion with remittance
-Please make checks payable to Green TreeACCOUNT NUMBER 123456789
EQUAL HOUSING
Receipt of a personal check is authorized to collect payment electronically.
6
PAYMENT DUE DATE
TOTAL PAYMENT DUE
TOTAL ENCLOSED
$
LENDER
,
11/24/2011
1,980.79
.
Enter total amount of payment enclosed
GREEN TREE
PO BOX 94710
PALATINE, IL 60094-4710
123456789 0
00000000
0000000000
CONDITIONAL INFORMATION
One or more of the following items may appear in the Account
Information or Payment Due sections on your monthly billing
statement, depending on your account activity:
Late Fee Balance. Late fees are added whenever your payment is
received after the monthly due date.
Deferred Balance. Appears if the original terms of your mortgage were
modified (See your separate Loan Modification Agreement for details).
Corporate Advance Balance. Any servicing–related expenses Green
Tree paid on your behalf. The balance is what you will be required to
pay once your loan reaches maturity.
Prepayment Penalty. This will only appear if your mortgage has a
prepayment penalty (not all mortgages do) and you paid extra toward
your principal ahead of the repayment schedule.
Unapplied Funds Balance. If you send in less than a full payment, this
will show the partial payment, which we’ll hold until enough money
has been received to make up a full payment. Once a full payment is
received, we’ll apply the funds to your account.
Incentive Accrual Balance. Appears if your mortgage includes a
special incentive being paid to you to make timely payments (not all
mortgages do). It shows how much incentive money is being accrued
toward your principal.
To view your statements online, convert to
paperless billing or set up an automatic payment
plan, visit our website: www.gtservicing.com.