The Consumer Financial Protection Bureau released a new "prototype" of their new new proposed monthly mortgage statement for all consumers that provides clear and valuable information about their loan on a single sheet of paper. This is great news for any of our readers that feel like disclosing information is seriously a problem in our current time.
You can see a PDF version of the prototype or read more about the purposed monthly mortgage statement on the Consumer Bureau website.
The monthly mortgage statement includes the outstanding principal on the loan, the maturity date, any prepayment penalty, and the next date on which the interest rate could change. It also features a breakdown of the monthly payment and a phone number to contact the servicer. The chances of you actually reaching someone on the other end however, is yet to be determined.
“This information will help consumers stay on top of their mortgage costs and hold their mortgage servicers accountable for fixing errors that crop up," said Richard Cordray, the agency's director. "Given the widespread mortgage servicing problems we’ve seen over the past few years, consumers need clear disclosures they can count on.”
We will be sure to keep our readers up to date on this story