WASHINGTON, Feb. 13 (UPI) — The director of the U.S. Consumer Financial Protection Bureau said the agency will issue a prototype mortgage statement as a guideline for lenders.
In an editorial published Monday in the Politico, Director Richard Cordray said the mortgage statement should include how much principal is owed to the lender, an up to date interest rate and a projected date concerning when the interest rate could change.
It should also include information about late payment fees and contact information — a phone number and an e-mail address — for the borrower to contact the company handling the mortgage, the Los Angeles Times reported.
The agency will post a sample mortgage statement on its Web site, Cordray said.
“The CFPB cannot address all of the problems in the servicing industry in one fell swoop. But we are already making important adjustments that will protect consumers more effectively,” Cordray wrote.
The agency is also working on a regulatory change that would mandate lenders provide a good-faith estimate of changes in payment for adjustable-rate mortgage holders several months in advance of the change.