CFPB issues request for information on mortgage closing costs
The CFPB issued a request for information Thursday regarding fees charged by mortgage providers and related settlement services. According to the bureau, it “wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered,” noting such fees may limit the ability of lenders to offer competitive mortgages as they absorb higher costs or pass them on to borrowers.
The request seeks input from the public, including borrowers and lenders, about how mortgage closing costs may be inflated and constraining the mortgage lending market.
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