Reported about 1 month ago
CFPB Director Rohit Chopra expressed willingness to revise mortgage regulations to help reduce significant closing costs that hinder refinancing access for consumers. Speaking at a conference, he highlighted the burdens of unshopable closing costs and the potential to streamline the refinancing process by eliminating redundant steps. Chopra also indicated efforts to enhance competition and monitor new mortgage technologies, especially those incorporating AI, which could influence costs and efficiency.
Source: YAHOO