D2-2-03: Sending a Payment Reminder Notice (06/08/2016)
- Kacey Olson (Unlicensed)
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© Fannie Mae Single Family Servicing Guide
Introduction
This topic contains information on sending a payment reminder notice.
Unless the mortgage loan is a second lien mortgage loan, the servicer must send a payment reminder notice to the borrower no later than the 17th day of delinquency if the payment has not been received. The following table outlines the requirements for a payment reminder notice.
✓ | Requirements for a payment reminder notice |
Address the borrower by name. | |
State a desire to work with the borrower to preserve homeownership. | |
State the amount of late charges that are due, if applicable. | |
Explain that the borrower can seek assistance with household budgeting at no charge from HUD-approved housing counseling agencies that can be found on HUD.gov. | |
Inform the borrower about the availability of additional educational resources at Fannie Mae’s Know Your Options™ website. |