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News Now

Washington
CFPB launches prototype periodic statement
WASHINGTON (2/14/12)--The Consumer Financial Protection Bureau (CFPB) has completed one round of testing for its proposed periodic mortgage statement form, and is planning two additional rounds of testing between now and this summer.

The CRFB said its goal "is to create a statement that is easy to understand and that provides information to borrowers about current and past payments."

"We want to include all the important information but not overload the consumer with unnecessary details," the agency added.

The model form includes space for information on the:
  • principal loan amount;
  • current interest rate;
  • late fee structure; and
  • prepayment fee structure.
The form also includes space for mortgage servicer contact information.

A proposed form and related mortgage disclosure rule is expected to be released in the summer. However, the agency said, creditors, assignees, and mortgage servicers "will have some flexibility to tailor the model form to work for their needs and the needs of their customers."

The CFPB is also developing a standardized form for mortgage transaction and closing costs and a combined Truth in Lending Act/Real Estate Settlement Procedures Act (RESPA) document, and the agency is planning to develop new mortgage regulations once the mortgage disclosure form revision project is completed.

The Credit Union National Association continues to be actively involved in roundtable discussions and other forums with CFPB personnel and others as the mortgage revision process moves forward.
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