CFPB Issues Request for Information Related to Mortgage Servicing Practices.

On Thursday May 30, the CFPB published a Request for Information outlining its interest in Mortgage Closing Costs linked here. 

The RFI highlights the rise in loan closing costs to consumers over the past few years, many of which are outside the control of the lender or the consumer.  The focus of the RFI is on the effects of fees in the mortgage market on consumers including cost increases in credit reports, origination fees, settlement services, and title insurance. 

Specifically, the CFPB is looking for information on how fees are set, the services these fees provide, and what factors have led to the cost increases. The Bureau is also interested in whether consumers or lenders would be more effective at negotiating closing costs. 

The Bureau is seeking comment on any fees that may not be necessary in the closing process, evidence of the degree to which consumers shop for closing costs across settlement providers, and other factors related to closing costs.   

The request for comment ends on August 2nd and GoWest plans to stay engaged in this issue, and keep you updated as this moves forward. 

Posted in Advocacy on the Move, Regulatory Advocacy.