Wednesday, 15 February 2012 12:27
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The Consumer Financial Protection Bureau ( CFPB ) has rolled out a prototype of a form for mortgage lenders to send to borrowers during each billing cycle to keep those borrowers abreast of crucial information about their loan. The prototype was published on CFPB's blog on Monday and the Bureau is asking for consumer and lender reaction. The new model statement , designed for sending by mail or by electronic transmission, is based on a set of information that lenders are required, under the Dodd-Frank Wall Street Reform Act, to provide to their borrowers. CFPB is seeking to provide lenders a model for displaying that information in a clear and easily understandable format. Dodd-Frank requires that consumers be notified on a regular basis about: Their principal loan amount Current interest rate...()Forward this article via email: to someone you know that may want to read it.
Posted: 2012-02-14 16:15:18