Santander Bank is issuing mortgage statements that violate the Truth in Lending Act. Instead of highlighting the correct amount due under the mortgage loan, their monthly mortgage statement sneakily states that the amount due is the higher payment which includes the late fee if received after the 16th of the month. This incorrect amount is in large, boldface font and is entirely meant to mislead the borrower into paying more than what is owed by contract under the terms of the note and mortgage. TILA recently amended its regulations to require certain changes to the monthly mortgage statement. Unfortunately, Santander took this as an opportunity to mislead or trick its borrowers into paying the higher amount even if they pay on time. Be careful that you do not fall for this outrageous and transparent scheme.