(a) In basic —
1. Recipient of periodic declaration. Whenever two ?ndividuals are joint obligors with main obligation for a closed-end credit deal guaranteed by way of a dwelling susceptible to § 1026.41, the regular declaration can be provided for each one of those. The servicer need not send statements to both spouses; a single statement may be sent for example, if spouses jointly own a home.
2. Payment cycles reduced than the usual 31-day duration. A bi-weekly billing cycle), a periodic statement covering an entire month may be used if a loan has a billing cycle shorter than a period of 31 days (for example. Such declaration would individually record the payment that is upcoming times and amounts due, as required by § 1026.20(d)(1), and list all transaction task that happened through the associated time frame, as needed by paragraph (d)(4). Such declaration may aggregate the information and knowledge for the reason of quantity due, as needed by paragraph (d)(2), and previous repayment breakdown, as needed by paragraph (d)(3).
3. One declaration per billing cycle. The statement that is periodic in § 1026.41 pertains to the “creditor, assignee, or servicer as relevant. ” The creditor, assignee, and servicer are typical at the mercy of this requirement (but see remark 41(a)-4), but only 1 declaration must certanly be delivered to the customer each payment period.