Mortgage Paperwork to be Less Confusing

house1 150x150 Mortgage Paperwork to be Less ConfusingMonthly mortgage statements will be easier to read, and complicated mortgages will get a little easier to understand under plans just announced by the Consumer Financial Protection Bureau, the government’s new consumer watchdog.

The new statements will look like this and will include clear information about fees and penalties, as well as what consumers can do if they are experiencing financial difficulties.

CFPB, under the direction of former Ohio Attorney General Richard Cordray, will also make it harder for mortgage servicers to require homeowners insurance. The new rules apply not only to banks, but also to mortgage servicers run by other financial institutions that didn’t come under government supervision in the past.

Read the full story from The Washington Post.

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