CFPB Mortgage Servicing Standards: Understanding periodic statement rules

October 2013
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CFPB Mortgage Servicing Standards: Understanding periodic statement rules

At a glance

In this paper, we explore the components of the CFPB's periodic statement rules that are still under discussion across the industry.

The CFPB has issued final mortgage servicing rules requiring servicers’ periodic statements (and/or coupon books for closed-end consumer credit transactions secured by a dwelling) to provide customers with greater detail and transparency around how payments are applied and how amounts due are calculated. The new requirements for periodic statements can be broken into three categories: (1) statements timing and coverage; (2) content and format; and (3) coupon books.

In this paper, we explore the components of the CFPB's periodic statement rules that are still under discussion across the industry.