{"id":38465,"date":"2023-03-17T02:06:50","date_gmt":"2023-03-17T06:06:50","guid":{"rendered":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-proposes-rules-to-bring-greater-accountability-to-mortgage-market\/"},"modified":"2023-03-17T02:06:50","modified_gmt":"2023-03-17T06:06:50","slug":"cfpb-proposes-rules-to-bring-greater-accountability-to-mortgage-market","status":"publish","type":"post","link":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-proposes-rules-to-bring-greater-accountability-to-mortgage-market\/","title":{"rendered":"CFPB Proposes Rules to Bring Greater Accountability to Mortgage Market"},"content":{"rendered":"
Rules Would Help Consumers Understand Mortgage Costs and Comparison Shop<\/em><\/strong><\/p>\n WASHINGTON, D.C. \u2014<\/strong> Today, the Consumer Financial Protection Bureau (CFPB) proposed rules that would bring greater accountability to the mortgage loan origination market. These rules, which the CFPB is seeking comment on and will finalize by January 2013, would make it easier for consumers to understand mortgage costs and compare loans so they can choose the best deal.<\/p>\n \u201cConsumers have a hard time comparing loans when they are dealing with a bewildering array of points and fees,\u201d said CFPB Director Richard Cordray. \u201cWe want to provide consumers with clearer options and enable them to choose the loan that they believe is right for them.\u201d<\/p>\n The Dodd-Frank Wall Street Reform and Consumer Protection Act places certain restrictions on the points and fees offered with most mortgages and the qualification and compensation of loan originators. Most notably, without this rulemaking, the Dodd-Frank Act would prohibit payment of upfront points and fees for most mortgages even where a consumer prefers a loan with a lower interest rate and some upfront costs. The CFPB is seeking public comment on a proposal that would:<\/p>\n In addition to regulating upfront points and fees, the CFPB is proposing changes to existing rules governing mortgage loan originators\u2019 qualifications and compensation. Mortgage loan originators, who take mortgage loan applications from consumers seeking to buy a home or refinance a mortgage, include mortgage brokers and loan officers. The rules the CFPB is proposing would:<\/p>\n The CFPB has engaged with consumers and industry, including through a Small Business Review Panel, and used this feedback in developing the proposed rules. The Bureau believes that today\u2019s proposal, if adopted, would promote stability in the mortgage market, which would otherwise face radical restructuring of the current pricing structure in order to comply with Dodd-Frank.<\/p>\n The public will have 60 days, until October 16, 2012, to review and provide comments on the proposed rules. The CFPB will review and analyze the comments before issuing final rules in January 2013.<\/p>\n An overview of the proposal is available at: https:\/\/files.consumerfinance.gov\/f\/201208_cfpb_detailed_summary_of_proposed_loan_originator_rules.pdf<\/span> \n
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