Definition: A beneficiary statement is a disclosure from the lender of record. It notes the unpaid balance remaining on a mortgage loan as of a certain date, including the interest rate. Lenders charge to deliver a beneficiary statement on request.
Home sellers generally request beneficiary statements when they want to prove how much they owe against a property, either for resale purposes when a buyer purchases the property subject to an existing loan or when obtaining a junior mortgage and / or selling a junior mortgage.
Also Known As: bene statement, statement of unpaid balance on a loan
Common Misspellings: benney statement
