The Consumer Financial Protection Bureau (CFPB) requested Monday that consumers, industry stakeholders, and other interested parties provide feedback on the draft prototype of the new monthly mortgage statement that it has developed as required in The Dodd-Frank Wall Street Reform and Consumer Protection Act.
The statement, which is designed to "make it easier for homeowners to understand their loans and avoid unnecessary costs and fees," will include the following information:
- The principal loan amount
- The current interest rate
- The date on which the interest rate may next reset
- A description of any late payment penalty fees
- Information about housing counselors
- A telephone number and email address that may be used to contact the mortgage servicer
For more, read the full CFPB press release here or view the draft mortgage statement here.