By Bob Katzen

The House gave initial approval to a proposal that would require banks and other mortgage lenders to provide additional information on a monthly basis to their borrowers including the balance of principal remaining; a confirmation of the most recent payment received; the balance of any escrow accounts; and a description of any payments from those escrow accounts.

“The intent of this legislation is to provide mortgage customers with the tools they need to ensure knowledge of their financial situation,” said sponsor Rep. Bruce Ayers (D-Quincy). “This bill is an easy measure that we can take to help residents achieve greater financial stability and awareness.”