The Consumer Financial Protection Bureau (CFPB) is seeking public input on a draft monthly mortgage statement that the agency claims is designed to ‘make it easier for homeowners to understand their loans and avoid unnecessary costs and fees.’
‘This draft statement shows consumers the breakdown of their mortgage payments – what money goes to the loan principal, interest, and fees,’ says CFPB Director Richard Cordray. ‘This information will help consumers stay on top of their mortgage costs and hold their mortgage servicers accountable for fixing errors that crop up. Given the widespread mortgage servicing problems we've seen over the past few years, consumers need clear disclosures they can count on.’
The CFPB is in the process of testing a prototype monthly statement with consumers. The agency says that the public will have further opportunity to provide comment on a version of the draft standard form when CFPB proposes a rule on it later this year.
More information on this endeavor is online.