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.