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How to Read Your Monthly Mortgage Statement Description
Last Amount Received
This is the last payment we received from you.
Loan Due Date
If this date is different from your Payment Due Date, it means that you are past due and owe payments from previous months.
Principal & Interest
Your regular monthly payment equals the sum of the principal and interest payment you agreed to pay in your Note, plus if you escrow, an amount equal to approximately 1/12th of your annual taxes and insurance bill.
Past Due Payments
This is the amount you owe for prior outstanding regular monthly payments.
This Month's Payment
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This is the amount you must pay to bring or keep your account current. It is the sum of your monthly payment which includes principal, interest, and may include taxes and insurance in addition to any past due payments (if applicable) required to bring your account current.
Payment Due Date
The date your payment is due.
Expenses Paid by Servicer
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Look at the box, "Activity From." If there is a balance under the "Expenses Paid by Servicer" column, this means that we have paid costs on your behalf that are reasonable or necessary to protect our interest in the property. These advances are added to the debt you owe us and are subject to interest at your Note rate.
Late Charges
If you paid after the Late Payment Due Date, a Late Charge will show in the "Activity From" box as well as under "New this Period." We also show a balance of all Late Charges and Other Fees to date.
Total Additional Amounts Owed
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These are amounts you owe in addition to the amount included in This Month's Payment. Even though, this amount is NOT required to bring your account current, it would be included in a payoff total. Total Additional Amounts Owed includes the sum of all late charges, all return check fees, all fees other than late charges and return check fees, all advances (Expense Paid by Servicer) we have been required to make on your behalf and accrued interest on those advances.
Unapplied Balance
If you are paid current, this amount will be zero (0). Partial payments or overpayments are treated as unapplied funds and held separately in suspense until we receive enough for a full regular payment of principal and interest, at which time we will credit your account for the full payment of principal and interest.
Total Amount Due
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This is the sum of This Month's Payment and Additional Amounts Owed. This is not the amount required to pay your loan in full. You must contact us at the address or telephone number shown on the reverse side of the statement for Loan Payoffs.
Activity Section
This section shows the beginning balance and the ending balance during the statement period for each of the categories shown. It also shows the date and amount of the payment we received from you and how we applied that payment to principal and interest and, if applicable, to taxes and insurance. If there is a Late Charge assessed or Other Fee it will show the amount of that fee and the date it was added to your account. It will also show Expenses Paid by Servicer that were advanced during the statement period. Please note the total ending balance at the far right is NOT a Payoff Quote.
Important Messages
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Some of the messages in this section are tailored specifically to how you pay your bill. For example, if you are severely delinquent (more than 90 days past due) you will be so advised and reminded of your right to seek loan counseling. If you pay us less than a regular payment of principal and interest, you will have an Unapplied Balance which means the amount you pay is held in your account until we receive an amount equal to a regular payment of principal and interest.
Payment Coupon
This is the most important part of the Statement. It shows This Month's Payment and the Late Payment Amount if you do not pay by the Late Payment Due Date.
Late Payment Due Date
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The date a late charge will be assessed if you do not send This Month's Payment.
Total Payment
This is the amount you are sending us this month.