Profile: djg
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August 18, 2012 2:28 pm
Hi djg, and welcome to Regulation Room. The rule as proposed would permit servicers to send only one periodic statement to joint obligors (See proposed comment 41(a)-1). It sounds like you’re saying that if joint borrowers are at separate addresses, each address should receive a periodic statement. Are there any other circumstances when separate statements should be sent?
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I believe that under any circumstances, both people (i.e. husband and wife) who are obligated, should be periodically getting some sort of update. However, if either of them changes the address to a p.o. box, or one separate from the home/property, there ought to be a provision that one monthly statement goes to the residence, unless both parties have a new separate address. Also, even if one person is only a quit claim party, or has signed as the dower, they are just as entitled to some sort of statement if something changes. It’s really important.