A GUIDE TO YOUR MONTHLY STATEMENT

A GUIDE TO YOUR MONTHLY STATEMENT

Understanding your Statement

Your business is important to us and so is your satisfaction. We know that understanding your monthly billing statement can be daunting. We have created this guide to help you. Please take the time to review this thoroughly. 3OHDVHQRWHWKDWWKHELOOLQJVWDWHPHQWZLOORQO\UH?HFWWKH information that is applicable to your mortgage loan.

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1 Mortgage Statement

The mortgage statement section includes the date the statement was generated, your loan number, the payment due date and the amount that is due. ? /RDQ1XPEHUXQLTXHSULPDU\LGHQWL?HUWKDWLVVSHFL?F

to your loan. ? Payment Due Date - the scheduled date that your

monthly payment is due, which is required to be paid. ? Amount Due - the total of all amounts and charges that

includes principal, interest, fees and charges, or any overdue payment and escrow, if applicable.

2 Account Information

This section shows both outstanding principal, interest rate, and prepayment penalties. ? Outstanding Principal - States the outstanding balance

on the original loan amount. ? Interest Rate - Displays the amount charged for the

use of borrowing money for your mortgage. ? Prepayment Penalty - If applicable, refers to a clause

in a mortgage contract that requires that a penalty be assessed should the mortgage be prepaid within a certain period of time. The penalty is usually based on a precentage of the remaining mortgage.

3 Amount Due Explanation

This section includes a breakdown of principal, interest, escrow, your regular monthly payment, fees and charges, and the total amount due for the month. ? Regular Monthly Payment - This line displays your

monthly payment amount, which includes principal, interest and escrow. ? Total Amount Due - This line displays the total amount due after adding the regular monthly payment, plus any charges and fees imposed since the last statement, and an overdue payment, if applicable.

4 Past Payments Breakdown

This section displays the total amount of all payments received since the beginning of the current year. It also displays the last statement, which includes a breakdown showing the amount, if any, that has been applied to the principal, interest, escrow, fees and charges. Plus, it shows any amounts that have been sent or is currently held in a suspense or unapplied funds account. ? Regular Monthly Payment - This line displays your

monthly payment amount, which includes principal, interest and escrow. ? Total Amount Due - This line displays the total amount due after adding the regular monthly payment, plus any charges and fees imposed since the last statement, and an overdue payment, if applicable.

A GUIDE TO YOUR MONTHLY STATEMENT

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This is a comprehensive list of all the transaction activity for the current billing cycle that includes dates, a brief description, the amount, or any credits or debits that affect the current amount that is due. The date, amount and brief description of each transaction is also included. Additional activities include, but are not limited to, late fees, payments received, and property inspection fees.

Reminder

If you are more than 45 days delinquent, additional information regarding your account will be provided on the monthly mortgage statement that includes: ? the date on which you became delinquent. ? DQRWL?FDWLRQRISRVVLEOHULVNVVXFKDVIRUHFORVXUHRU

expenses that may be incurred if the delinquency is not cured. ? an account history that shows the last six months or the period since the last time that the account was current, or whichever is shorter, and the remaining amount past due from each billing cycle or if any payment was fully paid, the amount on which it was credited as being fully paid. ? a notice indicating any loss mitigation program that was agreed upon.

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? Principal - The portion of the monthly payment that is used to reduce the loan balance.

? Escrow - An account that is maintained to pay taxes and insurance.

? Suspense or Unapplied Funds Account - Account used temporarily to hold partial payments.

? Mortgage Insurance (MI) - Insurance, typically required for loans with down payments of less than 20 percent that protects a mortgagee against loss because of default in payments by a mortgagor, if appliciable.

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Contact Us

If you have any questions, please call us or visit us online by referencing the information provided on your monthly mortgage statement. Written notices of error or information requests should be sent to: P.O. Box 8068 Virginia Beach, VA 23450 Attn: Office of the Customer Business Hours Monday - Friday, 8 a.m. to 10 p.m. (EST) Saturday, 8 a.m. to 3 p.m. (EST)

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