The Consumer Financial Protection Bureau, or CFPB, is seeking public input on a draft monthly mortgage statement that is designed to make it easier for homeowners to understand their loans and avoid unnecessary costs and fees.
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that most mortgage borrowers receive periodic statements containing specified information. Under the Dodd-Frank Act, periodic statements generally must be provided by the creditor, assignee of the loan, or the mortgage servicer that manages the loan. Servicers are businesses that typically collect payments from the borrower on behalf of the owner of the loan. They also handle customer service, escrow accounts, collections, loan modifications, and foreclosures.
The CFPB expects to propose a rule related to the form later this year.
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