MORTGAGE RIGHTS
Account Histories The Basics of Reading an Account History
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I have blown up this account history so that we can discuss what it is telling us. TOP ROW Transaction Date: the date on which the event that is being recorded happened. For example, with a payment, the transaction date is probably the date on which the payment was received. Description: the event that is being recorded. The easy example is "payment." Amount Received: This entry is usually for the amount that the homeowner paid. It can be other things, however. Take a look at the entries for 7/22/2009, which are for "Miscellaneous Repayments." Effective Date: The official date on which the event happened. Before the CFPB regulations took effect, you would see payments received on time, but posted on a effective date that incurred a late fee. Due Date Applied To: If a homeowner makes a lump sum payment for past due months, the Due Date Applied To would be the month to which the payment was applied. The rule is that the oldest overdue payment is paid first. You would look at the Due Date Applied To column to see if the lump sum payment was applied correctly. Principal Paid: This is the amount of the payment that was applied to principal. Interest Paid: This is the amount of the payment that was applied to interest. Escrow Paid: This is the amount of the payment that was applied to escrow. Fees Paid: This is the amount of the payment that was applied to fees, such as late fees. Fee Description: The fee that was paid. Unapplied Funds: Another name for this account is suspense account. Suspense accounts are like a storage space. The funds in them have not been applied to the loan and do not earn interest. An example of the use of a suspense accont would be a partial payment. Partial payments are not applied to the loan because only payments sufficient for paying principal and interest for the month may be posted in the accounting records. The mortgage gives servicers the optio of accepting a partial payment and placing it in a suspense account. The loan servicer can continue putting payments in the suspense account until the amount is sufficient to pay principal and interest for a month. If any money is left over, it stays in the suspense account. Other Paid: This is a payment for something other than fees. This account history records expenses typical of a foreclosure as "other paid." Principal Balance: The amount of principal you still owe. Let's use the second entry from the top to illustrate how this works. On September 2, 2009, the homeowner paid $1,820. The payment was officially booked as of that day, and applied to the August monthly payment. $83.43 of the payment was applied to principal. $826.48 was applied to interest. $143.14 was put into the escrow account, a very interesting fact since the clients did not escrow for taxes or insurance. $766.95 was left over after these amounts were applied to principal, interest and escrow, and was placed in an "unapplied funds" account. This type of account is better known s a suspense account. The principal balance ( the approximate amount the clients' owed after the payment) was $112,617.96.
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
Account Histories The Basics of Reading an Account History  MORTGAGE RIGHTS
I have blown up this account history so that we can discuss what it is telling us. TOP ROW Transaction Date: the date on which the event that is being recorded happened. For example, with a payment, the transaction date is probably the date on which the payment was received. Description: the event that is being recorded. The easy example is "payment." Amount Received: This entry is usually for the amount that the homeowner paid. It can be other things, however. Take a look at the entries for 7/22/2009, which are for "Miscellaneous Repayments." Effective Date: The official date on which the event happened. Before the CFPB regulations took effect, you would see payments received on time, but posted on a effective date that incurred a late fee. Due Date Applied To: If a homeowner makes a lump sum payment for past due months, the Due Date Applied To would be the month to which the payment was applied. The rule is that the oldest overdue payment is paid first. You would look at the Due Date Applied To column to see if the lump sum payment was applied correctly. Principal Paid: This is the amount of the payment that was applied to principal. Interest Paid: This is the amount of the payment that was applied to interest. Escrow Paid: This is the amount of the payment that was applied to escrow. Fees Paid: This is the amount of the payment that was applied to fees, such as late fees. Fee Description: The fee that was paid. Unapplied Funds: Another name for this account is suspense account. Suspense accounts are like a storage space. The funds in them have not been applied to the loan and do not earn interest. An example of the use of a suspense accont would be a partial payment. Partial payments are not applied to the loan because only payments sufficient for paying principal and interest for the month may be posted in the accounting records. The mortgage gives servicers the optio of accepting a partial payment and placing it in a suspense account. The loan servicer can continue putting payments in the suspense account until the amount is sufficient to pay principal and interest for a month. If any money is left over, it stays in the suspense account. Other Paid: This is a payment for something other than fees. This account history records expenses typical of a foreclosure as "other paid." Principal Balance: The amount of principal you still owe. Let's use the second entry from the top to illustrate how this works. On September 2, 2009, the homeowner paid $1,820. The payment was officially booked as of that day, and applied to the August monthly payment. $83.43 of the payment was applied to principal. $826.48 was applied to interest. $143.14 was put into the escrow account, a very interesting fact since the clients did not escrow for taxes or insurance. $766.95 was left over after these amounts were applied to principal, interest and escrow, and was placed in an "unapplied funds" account. This type of account is better known s a suspense account. The principal balance ( the approximate amount the clients' owed after the payment) was $112,617.96.
 MORTGAGE RIGHTS
The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement.
Account Histories The Basics of Reading an Account History  MORTGAGE RIGHTS
 MORTGAGE RIGHTS The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement. I have blown up this account history so that we can discuss what it is telling us. TOP ROW Transaction Date: the date on which the event that is being recorded happened. For example, with a payment, the transaction date is probably the date on which the payment was received. Description: the event that is being recorded. The easy example is "payment." Amount Received: This entry is usually for the amount that the homeowner paid. It can be other things, however. Take a look at the entries for 7/22/2009, which are for "Miscellaneous Repayments." Effective Date: The official date on which the event happened. Before the CFPB regulations took effect, you would see payments received on time, but posted on a effective date that incurred a late fee. Due Date Applied To: If a homeowner makes a lump sum payment for past due months, the Due Date Applied To would be the month to which the payment was applied. The rule is that the oldest overdue payment is paid first. You would look at the Due Date Applied To column to see if the lump sum payment was applied correctly. Principal Paid: This is the amount of the payment that was applied to principal. Interest Paid: This is the amount of the payment that was applied to interest. Escrow Paid: This is the amount of the payment that was applied to escrow. Fees Paid: This is the amount of the payment that was applied to fees, such as late fees. Fee Description: The fee that was paid. Unapplied Funds: Another name for this account is suspense account. Suspense accounts are like a storage space. The funds in them have not been applied to the loan and do not earn interest. An example of the use of a suspense accont would be a partial payment. Partial payments are not applied to the loan because only payments sufficient for paying principal and interest for the month may be posted in the accounting records. The mortgage gives servicers the optio of accepting a partial payment and placing it in a suspense account. The loan servicer can continue putting payments in the suspense account until the amount is sufficient to pay principal and interest for a month. If any money is left over, it stays in the suspense account. Other Paid: This is a payment for something other than fees. This account history records expenses typical of a foreclosure as "other paid." Principal Balance: The amount of principal you still owe. Let's use the second entry from the top to illustrate how this works. On September 2, 2009, the homeowner paid $1,820. The payment was officially booked as of that day, and applied to the August monthly payment. $83.43 of the payment was applied to principal. $826.48 was applied to interest. $143.14 was put into the escrow account, a very interesting fact since the clients did not escrow for taxes or insurance. $766.95 was left over after these amounts were applied to principal, interest and escrow, and was placed in an "unapplied funds" account. This type of account is better known s a suspense account. The principal balance ( the approximate amount the clients' owed after the payment) was $112,617.96.
Account Histories The Basics of Reading an Account History  MORTGAGE RIGHTS
 MORTGAGE RIGHTS The site does not provide legal advice. Neither Susan LaCava nor her law firm, LaCava Law, S.C., represent you until there is a signed retainer agreement. I have blown up this account history so that we can discuss what it is telling us. TOP ROW Transaction Date: the date on which the event that is being recorded happened. For example, with a payment, the transaction date is probably the date on which the payment was received. Description: the event that is being recorded. The easy example is "payment." Amount Received: This entry is usually for the amount that the homeowner paid. It can be other things, however. Take a look at the entries for 7/22/2009, which are for "Miscellaneous Repayments." Effective Date: The official date on which the event happened. Before the CFPB regulations took effect, you would see payments received on time, but posted on a effective date that incurred a late fee. Due Date Applied To: If a homeowner makes a lump sum payment for past due months, the Due Date Applied To would be the month to which the payment was applied. The rule is that the oldest overdue payment is paid first. You would look at the Due Date Applied To column to see if the lump sum payment was applied correctly. Principal Paid: This is the amount of the payment that was applied to principal. Interest Paid: This is the amount of the payment that was applied to interest. Escrow Paid: This is the amount of the payment that was applied to escrow. Fees Paid: This is the amount of the payment that was applied to fees, such as late fees. Fee Description: The fee that was paid. Unapplied Funds: Another name for this account is suspense account. Suspense accounts are like a storage space. The funds in them have not been applied to the loan and do not earn interest. An example of the use of a suspense accont would be a partial payment. Partial payments are not applied to the loan because only payments sufficient for paying principal and interest for the month may be posted in the accounting records. The mortgage gives servicers the optio of accepting a partial payment and placing it in a suspense account. The loan servicer can continue putting payments in the suspense account until the amount is sufficient to pay principal and interest for a month. If any money is left over, it stays in the suspense account. Other Paid: This is a payment for something other than fees. This account history records expenses typical of a foreclosure as "other paid." Principal Balance: The amount of principal you still owe. Let's use the second entry from the top to illustrate how this works. On September 2, 2009, the homeowner paid $1,820. The payment was officially booked as of that day, and applied to the August monthly payment. $83.43 of the payment was applied to principal. $826.48 was applied to interest. $143.14 was put into the escrow account, a very interesting fact since the clients did not escrow for taxes or insurance. $766.95 was left over after these amounts were applied to principal, interest and escrow, and was placed in an "unapplied funds" account. This type of account is better known s a suspense account. The principal balance ( the approximate amount the clients' owed after the payment) was $112,617.96.