Reported 4 months ago
The US Consumer Financial Protection Bureau has initiated a process to potentially tighten regulations on fees related to home buying, focusing on the increase in mortgage closing costs. Seeking public feedback, the agency aims to understand the reasons behind cost escalation and who benefits, particularly highlighting concerns regarding lender title insurance. President Joe Biden is exploring ways to reduce closing costs, including a pilot program to waive title insurance requirements for some Fannie Mae refinances. The CFPB's request for information may lead to a rule proposal in 2025, with an emphasis on reducing anticompetitive fees harmful to both homebuyers and lenders.
Source: YAHOO