May 18, 2024
Finance

New target in Biden administration’s war on junk fees: mortgage closing costs

The Biden administration is expanding its crackdown on junk fees, this time setting its sights on the mortgage industry. The Consumer Financial Protection Bureau (CFPB) cites particular concern about the rising costs of home purchase loans, which surged nearly 22% from 2021 to 2022. In other words, closing costs rose nearly $1,000 to an average

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Mortgage

How can the mortgage industry become more representative?

“I understand that some of that has to do with risk and being able to sell that loan on the secondary market. But I think there is a solution: if we really looked at it, we could sharpen those programs and see where we’re missing.” Many downpayment assistance programs at present are “missing the mark”

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