The government agency, charged with curbing predatory lending practice and increasing transparency for consumers, hopes a modified mortgage statement will make it easier for borrowers to understand the terms of their loans and avoid fees and additional costs.

"This draft statement shows consumers the breakdown of their mortgage payments - what money goes to the loan principal, interest, and fees," said CFPB Director Richard Cordray. "This information will help consumers stay on top of their mortgage costs and hold their mortgage servicers accountable for fixing errors that crop up. Given the widespread mortgage servicing problems we've seen over the past few years, consumers need clear disclosures they can count on."

Currently, most Americans receive periodic statements that reflect their current account standing. However, the CFPB hopes that the proto-typed standardized monthly statement it has created with provide borrowers with more information in an easy-to-understand format.

The agency is requesting feedback and comments from Americans on the new format, which can be viewed on their website.

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