Alert February 21, 2012

CFPB Seeks Public Comment on Monthly Mortgage Statement Prototype

The CFPB is asking for comments on a monthly mortgage statement prototype. The prototype provides a breakdown of the mortgage payment including how much is allocated to loan principal, interest, and fees. The prototype also contains information about the principal loan amount, the current interest rate, the date on which the interest rate may next reset, a description of any late payment and penalty fees, information about housing counselors, and a telephone number and email address that may be used to contact the mortgage servicer. Click here for the prototype.