New Mortgage Form Helps Homeowners Avoid Fees
The Consumer Financial Protection Bureau has proposed a new outline for your monthly mortgage statements. With the hopes that it will help homeowners keep track of their payments, the proposed form will show borrowers where their monthly payment will go, between loan principle, interest and fees. While many servicers already do provide this to their borrowers, not everywhere does and there is no standard form that everyone uses.
The proposed form is aimed at making it easier for borrowers to understand their home loans and avoid additional fees. You can visit the bureau's website to see the current drafted prototype of the monthly statement and comment on any changes you think should be made.