The Act amends the Truth In Lending Act (TILA) to require creditors to provide periodic statements for residential mortgage loans. These periodic statements must disclose the following information:
- The amount of principal due;
- The current interest rate;
- Any prepayment penalties;
- An explanation of any fees for a late payment;
- The lender’s contact information; AND
- Contact information for counseling agencies approved by HUD of a state housing authority.
Click here to read Mortgage Bankers Association's summary of mortgage related provisions of the Dodd-Frank
Wall Street Reform and Consumer Protection Act.
Consumer Financial Protection Bureau
The central mission of the Consumer Financial Protection Bureau (CFPB) is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products. Visit http://www.consumerfinance.gov for more information.