How often are lenders required to provide borrowers with a copy of their current mortgage statement?

Lenders are required to provide borrowers with a copy of their current mortgage statement annually as part of the regulations established under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). This annual statement includes important information about the loan and its current standing, allowing borrowers to track their payments, outstanding principal, interest rates, and any changes to their accounts.

This requirement ensures that borrowers have the necessary information to manage their mortgage effectively and understand their financial obligations. It emphasizes transparency in the lending process and provides consumers with vital information regarding the terms and status of their loan, which is crucial for informed decision-making regarding their mortgage payments and financial planning.

While some lenders may choose to send these statements more frequently to enhance customer service and communication, the legal minimum requirement is annually.