Is this only referring to ARM loan notices? We don't send monthly billing notices on mtg loans. We use coupon books.

Here's the text of section 1420 of Dodd Frank.

SEC. 1420. DISCLOSURES REQUIRED IN MONTHLY STATEMENTS FOR RESIDENTIAL MORTGAGE LOANS.
Section 128 of the Truth in Lending Act (15 U.S.C. 1638) is amended by adding at the end the following new subsection:
“(f) PERIODIC STATEMENTS FOR RESIDENTIAL MORTGAGE LOANS.--
“(1) IN GENERAL.--The creditor, assignee, or servicer with respect to any residential mortgage loan shall transmit to the obligor, for each billing cycle, a statement setting forth each of the following items, to the extent applicable, in a conspicuous and prominent manner:
“(A) The amount of the principal obligation under the mortgage.
“(B) The current interest rate in effect for the loan.
“(C) The date on which the interest rate may next reset or adjust.
“(D) The amount of any prepayment fee to be charged, if any.
“(E) A description of any late payment fees.
“(F) A telephone number and electronic mail address that may be used by the obligor to obtain information regarding the mortgage.
“(G) The names, addresses, telephone numbers, and Internet addresses of counseling agencies or programs reasonably available to the consumer that have been certified or approved and made publicly available by the Secretary of Housing and Urban Development or a State housing finance authority (as defined in section 1301 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989).
“(H) Such other information as the Board may prescribe in regulations.
“(2) DEVELOPMENT AND USE OF STANDARD FORM.--The Board shall develop and prescribe a standard form for the disclosure required under this subsection, taking into account that the statements required may be transmitted in writing or electronically.
“(3) EXCEPTION.--Paragraph (1) shall not apply to any fixed rate residential mortgage loan where the creditor, assignee, or servicer provides the obligor with a coupon book that provides the obligor with substantially the same information as required in paragraph (1).”.

the coupon book is sent at the beginning of the loan. It does not have current balance on it. Wonder what "substantially" means?

You will have to wait for the actual regulations.

The proposed rule that addresses this was announced recently by the CFPB. http://www.consumerfinance.gov/pressrele...gage-borrowers/ It has not yet been published in the Federal Register.

I know that I have read somewhere that five items in the Proposed Mortgage Servicing Rules that will become effective Jan. 21, 2013 even if the final rules have not been published. The ARM Adjustment notices, periodic billing statement, prompt crediting of payaments, force-placed hazard insurance and error resolution items would be effective 1/21/13 even if no finals have been issued. Has anyone else heard of this and can you tell me where I can find that. I have searched all of my documents and googled this to try to find it as I need something to show to my CEO to validate this.

The statutory provisions with enumerated mortgage servicing requirements becomeeffective on January 21, 2013, unless final rules are issued on or before that date.

This is from pg 15 of the RESPA Loan Servicing proposal.