The model form proposed by CFPB goesrnbeyond that outline.  It shows thernborrower how the current payment will be applied, interest, principal, escrow,rnor special fees, and gives an accounting both of the previous month’s activityrnand activity for the year to date and how those funds were applied as well.  It also gives the borrower the ability torndesignate how to apply any extra payment amounts.  In addition to the amount of any prepaymentrnfee it also gives the expiration date of such penalties.  It does not inform the borrower of the currentrnbalance in escrow accounts which would be a nice addition for planningrnpurposes. </p

Lendersrnwho provide coupon books to their borrowers are not required to use the form,rnbut the coupon book must contain essentially the same information.  Once the final form is adopted lenders willrnhave some flexibility to adapt it to their own needs.  </p

Lendersrnand borrowers can comment about the form on CRPB’s website.rn

Early Draft of Model Mortgage Statement</p

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