Tag Archives: CFPB seeks input on proposed monthly mortgage statement

The Consumer Financial Protection Bureau seeks industry feedback on a prototype monthly mortgage statement that aims to provide borrowers with more detailed information about their home loans. Under the sweeping reforms of the Dodd-Frank Act, mortgage statements must contain information about the creditor, loan assignee and mortgage servicer. In addition, the new law stipulates mortgage statements should provide borrowers with information on the principal loan amount, current interest rate, the date of interest rate resets and a description of any late payment or penalty fees. The statement should also provide […]