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Coupon books

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  • September 24, 2013 at 12:39 pm EDT #3978
    jsecor
    Participant

    I was recently at a conference and the speaker stated that even if you are a small servicer and are going to continue to send out coupon books instead of monthly statements, every one of your customers has to receive a coupon book even if they are ACH customers who never have received a coupon book. You would have to send them a coupon book stating that even though you are paying your payment ACH here’s your required coupon book. Is this correct information? I’m having trouble finding this about ACH customers.

    September 26, 2013 at 1:53 pm EDT #3983
    rcooper
    Member

    If you qualify for the small servicer exemption the periodic statement requirements won’t apply so you would not be required to send coupon books. If you are using the coupon book exemption (only applies to fixed rate loans), then I would agree that you will need to send a coupon book to each borrower.

    October 7, 2013 at 2:52 pm EDT #4029
    kmeade
    Participant

    If you choose to send a monthly statement instead of a coupon book, can you charge a fee at origination, example monthly statement fee (as a pre-paid fee)?

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