The Consumer Financial Protection Bureau has proposed a standardized mortgage statement that sets out to make it easier to understand the information about your loan on one page.
The proposed mortgage statement, released last week, includes a breakdown of such items as the amount paid from the monthly payment toward the principal, interest, escrow, the outstanding principal, maturity date, and any prepayment penalties. For adjustable-rate mortgages, the prototype also shows when the interest rate on the loan will begin to reset.