124 STAT. 2155 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(16) In the case of a variable rate residential mortgage loan for which an escrow or impound account will be established for the payment of all applicable taxes, insurance, and assess- ments— ‘‘(A) the amount of initial monthly payment due under the loan for the payment of principal and interest, and the amount of such initial monthly payment including the monthly payment deposited in the account for the payment of all applicable taxes, insurance, and assessments; and ‘‘(B) the amount of the fully indexed monthly payment due under the loan for the payment of principal and interest, and the amount of such fully indexed monthly payment including the monthly payment deposited in the account for the payment of all applicable taxes, insurance, and assessments. ‘‘(17) In the case of a residential mortgage loan, the aggre- gate amount of settlement charges for all settlement services provided in connection with the loan, the amount of charges that are included in the loan and the amount of such charges the borrower must pay at closing, the approximate amount of the wholesale rate of funds in connection with the loan, and the aggregate amount of other fees or required payments in connection with the loan. ‘‘(18) In the case of a residential mortgage loan, the aggre- gate amount of fees paid to the mortgage originator in connec- tion with the loan, the amount of such fees paid directly by the consumer, and any additional amount received by the origi- nator from the creditor. ‘‘(19) In the case of a residential mortgage loan, the total amount of interest that the consumer will pay over the life of the loan as a percentage of the principal of the loan. Such amount shall be computed assuming the consumer makes each monthly payment in full and on-time, and does not make any over-payments.’’. 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.
