(a) In basic —
1. Recipient of periodic declaration. When two ?ndividuals are joint obligors with main liability on a consumer that is closed-end deal secured with a dwelling susceptible to § 1026.41, the regular declaration might be delivered to just one of those. The servicer need not send statements to both spouses; a single statement may be sent for example, if spouses jointly own a home.
2. Payment cycles reduced compared to a period that is 31-day. If that loan features a billing cycle smaller than a time period of 31 times (as an example, a bi-weekly payment period), a regular declaration covering a whole month can be used. Such declaration would individually list the future repayment due times and amounts due, as required by § 1026.20(d)(1), and list all deal task that happened throughout the associated period of time, as needed by paragraph (d)(4). Such declaration may aggregate the info for the reason of quantity due, as needed by paragraph (d)(2), and payment that is past, as needed by paragraph (d)(3). Continue reading “§ 1026.41 Regular statements for res”