Instant Home Valuation

Tuesday, April 10, 2012

Mortgage Statements to Get Consumer-Friendly Makeover

Consumer Bureau to Crack Down on Mortgage Servicers

WASHINGTON (CNNMoney) -- The Consumer Financial Protection Bureau announced Tuesday that it's considering new rules aimed at mortgage servicers to help protect consumers against "costly surprises."

The bureau's new rules will require servicers to issue mortgage statements that are more clear, as well as better disclosures about any fees or changes in a loan's interest rate.

"We want to make sure that at all times consumers know how much they owe, what they are paying, and how their payments are being applied," said Richard Cordray, director of the consumer bureau in a Tuesday speech.

This would be the federal government's first major move to crack down on the entire mortgage servicing industry, including big banks that service mortgages, since the housing bust and resulting financial crisis.

Source: CNN Money  Read More Here

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