{"id":38509,"date":"2023-03-18T00:47:38","date_gmt":"2023-03-18T04:47:38","guid":{"rendered":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-considers-rules-to-simplify-mortgage-points-and-fees\/"},"modified":"2023-03-18T00:47:38","modified_gmt":"2023-03-18T04:47:38","slug":"cfpb-considers-rules-to-simplify-mortgage-points-and-fees","status":"publish","type":"post","link":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-considers-rules-to-simplify-mortgage-points-and-fees\/","title":{"rendered":"CFPB Considers Rules to Simplify Mortgage Points and Fees"},"content":{"rendered":"
Rules Would Bring Greater Transparency to the Mortgage Market<\/strong><\/em><\/p>\n WASHINGTON, D.C.<\/strong> \u2014 Today the Consumer Financial Protection Bureau (CFPB) outlined rules it is considering that would simplify mortgage points and fees and bring greater transparency to the mortgage loan origination market. These rules, which the CFPB expects to propose this summer and 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 \u201cMortgages today often come with so many different types of fees and points that it can be hard to compare offers,\u201d said CFPB Director Richard Cordray. \u201cWe want to bring greater transparency to the market so consumers can clearly see their options and choose the loan that is right for them.\u201d<\/p>\n The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) places certain restrictions on the points and fees offered with most mortgages. The CFPB is considering proposals that would:<\/p>\n
<\/p>\n
<\/p>\n
\n<\/ul>\n In addition to regulating origination points and fees, the proposals the CFPB is considering would also address 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 considering would:<\/p>\n
\n<\/ul>\n -Character and Fitness Requirements: All loan originators would be subject to the same standards for character, fitness,
\n<\/ul>\n The proposals that the CFPB is considering are designed to preserve consumers\u2019 choices while increasing transparency. In developing a formal proposal, the CFPB plans to engage with consumers and industry, including a Small Business Review Panel that will meet with a group of representatives of the small financial services providers that would be directly affected by the proposals under consideration. The documents that the CFPB will be sharing with these small providers include an overview of the proposals under consideration and a list of questions for input. The small provider representatives will provide feedback to the panel on the proposals the CFPB is considering and suggest alternatives. The Panel will issue a report summarizing this feedback, which the CFPB will consider when formulating the proposed rules.<\/p>\n A \u201cfact sheet\u201d summarizing the Panel process can be found here: https:\/\/files.consumerfinance.gov\/f\/201205_CFPB_public_factsheet-small-business-review-panel-process.pdf<\/span>
<\/p>\n
<\/p>\n
\nand financial responsibility;
\n-Criminal Background Checks: Loan originationators would be screened for felony convictions; and
\n-Training Requirements: Loan originators would be required to undertake training to ensure they have the knowledge
\nnecessary for the types of loans they originate.<\/p>\n
<\/p>\n