The Consumer Financial Protection Bureau on Monday released an early draft of a new proposed monthly mortgage statement for consumers that provides clear information about the loan on a single page from their servicer.
The prototype 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.
“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.”
The agency posted the draft on its website to solicit input from the public and industry before a version of the form formally is proposed later this year.
Cordray had said in an opinion article Monday on the website Politico that the agency would unveil the prototype this week.