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Suspending statements on mortgage charge-offs

Question: 
Can we discontinue periodic billing for loans we have charged off?
Answer: 

If you have charged off a mortgage loan and will not charge any additional fees or interest on the account, and provide a final statement with disclosures about the effects of the charge-off, you can discontinue providing periodic statements, but you will have to resume providing statements if you later decide to charge any fees or additional interest.

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First published on 09/10/2017

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