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Regulation Z: Periodic Statements for Closed End Loan

2018-07-22

Regulatory Authority: Consumer Financial Protection Bureau (CFBP)

Credit Hours:

Section 1026.41 of Regulation Z requires that a creditor or servicer of a closed end consumer mortgage loan secured by a dwelling provide the borrower a periodic statement for each billing cycle of the loan. The dwelling does not need to be the borrower’s principal dwelling and the lien of the mortgage does not need to be a first lien but may be a junior mortgage.  If the billing cycle is less than 31 days, such as for a loan that is paid bi-weekly, the periodic statement may be for a monthly period.

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