CFPB Releases Sample Mortgage Statement

The CFPB released another mortgage form as a part of its ongoing project to revamp the forms in the mortgage lending space. The statement, announced by Director Cordray, is required by Dodd-Frank to contain:

• The principal loan amount
• The current interest rate
• The date on which the interest rate may next reset
• A description of any late payment fees and any prepayment fee to be charged
• Information about housing counselors
• Phone number and email address for borrower to obtain information about the mortgage
• Other information the CFPB may prescribe in regulation

The CFPB is taking comments on the statement draft at MortgageStatement@cfpb.gov.

Read more and view the statement.