The Consumer Financial Protection Bureau is seeking industry and public comments on a prototype billing statement that residential servicers send homeowners to collect monthly mortgage payments.
The bureau wants the draft billing statement to be easy to understand, provide critical information about the borrower's payment status and any late fees or additional charges assessed by 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 CFPB chief Richard Cordray. “Given the widespread mortgage servicing problems we've seen over the past few years, consumers need clear disclosures they can count on.”
Once the mortgage billing statement is polished and finalized, the bureau will seek public comment on a proposed rule this summer.
The agency on Monday also signaled its intention to address abuses associated with "force-placed insurance.”
