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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 99745
Experience:  Attorney experienced in commercial litigation.
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I just got off the phone with Pennymac. Apparently they are

Resolved Question:

I just got off the phone with Pennymac. Apparently they are having billing issues, and I will not be getting a bill until the January 11th for my mortgage that is due on the January 15th. Is this legal? There is no way that I can turn around the bill and have it be rec. by the due date. I asked if I could have the late fee waived and they said no. This is an outrage. How can a company like this stay in business with these types of practices. Any advice? Is anyone else looking for their mortgage bill from Pennymac?
Submitted: 5 years ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 5 years ago.
Federal lending law requires that mortgage companies at least send an annual statement at the beginning of the year to its fixed rate customers. Some mortgage companies do choose to send monthly statements with a monthly payment coupon attached to the statement, but it is completely legal and common for a mortgage company to send a coupon book with six months' or a years' worth of coupons in the book.

Federal lending law also requires mortgage companies to send monthly statements to customers who have adjustable rate mortgages. Since the rate on the mortgage can change from month to month, it is imperative that a homeowner have up to date information on the interest rate the bank is charging. When the interest rate changes, the monthly payment changes, also. Without a monthly statement, homeowners may not be paying the correct monthly payment. A monthly statement also arms the homeowner with the correct information needed to make a decision on whether he would like to refinance to a fixed rate.


Whether a loan is at a fixed rate or an adjustable rate, mortgage companies are required by law to supply a customer with a new coupon booklet upon request (they do tend to get lost in a home office frequently). They are also required by law to supply a customer with a current statement upon request.

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Customer: replied 5 years ago.
My mortgage is fixed rate, and I pay it monthly. Is there anything in the law that says they have to give you enough time to pay the bill through the mail? I would think that there is some language to that effect, otherwise all companies would send out bills late, and charge late fees in the interest of making money. There must be something legal written about this.

Also, is there anything I can do about it? Better Business Bureau at a minimum, anything more with the company?
Expert:  Law Educator, Esq. replied 5 years ago.
No, the law presumes that if there is fixed payments, the customer knows when payment is due and can make payment without any bill or coupon book. We would all hope that mortgage companys would be held to what you suggest about sending bills out late, but as I said there is no law that they need to send bills out at all, so thus there is no law that says anything as to what you would have hoped for.
Law Educator, Esq., Lawyer
Satisfied Customers: 99745
Experience: Attorney experienced in commercial litigation.
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