CFPB issues RFI on products to encourage opportunities for homeowners

by NAFCU Newsroom

The CFPB issued a request for information (RFI) Thursday stating the bureau is “asking for public input on ways to spur new mortgage products that help households.” The CFPB is asking for information on innovative ideas to “address persistent market failures and to help borrowers access beneficial refinancing along with short- and long-term loss mitigation assistance.” The bureau said this RFI is part of its initiative to foster innovation and competition in consumer finance markets.

Explaining the RFI, CFPB Director Rohit Chopra said, “The mortgage market has not provided products that allow all households to save money by refinancing at a lower interest rate. We are eager for input on ways that borrowers taking out loans today can refinance to lower rates in the future.”

The bureau is specifically requesting information on:

·         targeted and streamlined refinance programs to improve mortgage refinancing;

·         innovative refinancing products, including automatic refinancing; and

 

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