In an effort to appear that some organization will actually stick up for the consumers, the Consumer Financial Protection Bureau will unveil a prototype for a new monthly mortgage statement for consumers designed to clearly show important information from their servicer.
This new and improved statement will include the principle owed on the loan, the current interest rate, the next date on which the interest rate could adjust, a description of late payment fees as well as a phone number and email address the homeowner could use to contact the mortgage servicing company. Although a step in the right direction, this new statement doesn’t truly amount to much. Contacting the servicer of a loan either via email or phone isn’t the most difficult thing. Finding the investor remains another problem. Why don’t the new statements include the investor’s name, email and phone number for all of the people attempting to do loan modifications, re-finances, and short sales?
While they’re at it, why don’t they get the credit card companies to issue statements along the same lines?
We know that all of you out there can’t wait to see this new prototype which will be posted on the agency’s website later this week.