Due to recent regulation changes made by the Consumer Financial Protection Bureau, all financial institutions are required to mail monthly statements to consumers who have fixed second mortgage loans. Now, all Affinity Plus members with a fixed second mortgage will receive a monthly statement.
Below are answers to questions we anticipate many of you will have regarding these changes. If you have additional questions, please reach out to us at (800) 322-7228 or firstname.lastname@example.org.
1.) In the past I have not received a statement for my second mortgage. Why am I receiving one now?
A: You are receiving a statement because new federal regulations from the Consumer Financial Protection Bureau (CFPB) are requiring that all people who have a second mortgage with Affinity Plus will receive a copy of their monthly statement.
2.) I have Home Equity Line of Credit. Will I receive a statement?
A: You will not receive a separate statement for your Home Equity Line of Credit. You will still be able to check the balance of your Home Equity Line of Credit on your monthly membership statement you receive in the mail and/or in online banking.
3.) When I looked at my monthly statement from Affinity Plus I noticed that my second mortgage wasn’t included. Is this correct?
A: Yes. Moving forward, you will always receive a copy of your second mortgage statement separately in the mail.*
4.) I have an automatic payment set up for my second mortgage. Will my automatic payment still be made?
A: Yes, your automatic payment will be processed on the date and for the amount you have previously established.
5.) I put extra money towards second mortgage payment each month. Where can I find the balance of how much I’m paid ahead?
A: On your statement, your “total amount due” is your regular monthly payment minus the amount you have paid ahead. This can be calculated by subtracting the “repayment amount” (in the recent transaction box) from the “total amount due.” If you have questions, please call us at (800) 322-7228.
6.) My statement does not show the most recent payment I made to my second mortgage and says that I’m past due. Why is the statement not showing my most recent payment?
A: The statement date reflects the cutoff of activity for the month prior. For example, if your “statement date” says 03/27/2014 and you made a payment on that exact day, your payment will be reflected in the recent transaction activity. If you made your payment the next day (03/28/2014), your payment will not reflect on your statement. If you have questions about your payment, please call us at (800) 322-7228.
7.) I use a booklet that has coupons to send in each month with my second mortgage payment. Can I still use the coupons in this booklet?
A: Yes, you can still use the coupons to accompany your payment each month.
8.) I would prefer to not receive a paper copy of this statement. Could I elect to not receive a copy of it?
A: No. The CFPB regulations require that you receive a paper copy of your first or second mortgage statements from Affinity Plus.*
*Affinity Plus is looking in to offering members the opportunity to receive these statements electronically as E-Statements in online banking, however, it’s not available at this time.
The mission of the CFPB is to “make markets for consumer financial products and services work for Americans – whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.” Be assured that these changes to the way you receive your second mortgage statements are designed to help you become a more knowledgeable consumer, which is something Affinity Plus always strives to help you become as well. For more information about the CFPB, visit http://www.consumerfinance.gov/the-bureau/.