A proposed monthly mortgage statement that clearly spells out all charges and late fees and gives information on where to go for help if a consumer has financial difficulty has been unveiled by the Consumer Financial Protection Bureau.
The form is required by the Dodd-Frank Act, which created the bureau.
The law required that during every billing cycle, creditors, assignees and servicers have to send a form to everyone who has a mortgage with them. The only exception would be people who are given annual payment booklets. The law also required a simplified disclosure form that is given to people at the time they are closing on a house.
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