What is required on a mortgage verification from a servicer?

Standard Mortgage Verifications from Servicers

When a lender relies on standard mortgage verifications from servicers or holders, it must ensure that the verifications include:

• the unpaid principal balance of the mortgage and monthly payment amount;
• the present status of the mortgage, such as current, 30 days’ delinquent, etc.; and
• the borrower’s payment history.

When a servicer fails to provide all of the requested information, the lender must rely on information provided through the borrower’s canceled checks. The checks must:

• be legible,
• identify the mortgage servicer or mortgage holder as the payee,
• indicate that the servicer or holder endorsed the check for deposit, and
• indicate the date the servicer or holder deposited the check.

For additional information, see B3-5.3-03, Previous Mortgage Payment History.