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CFPB Launches Inquiry into Junk Fees in Mortgage Closing Costs | Consumer Financial Protection Bureau

CFPB Launches Inquiry into Junk Fees in Mortgage Closing Costs | Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) today launched a public inquiry into junk fees that are increasing mortgage closing costs.

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The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into junk fees that are driving up mortgage closing costs, making homeownership increasingly unattainable. The CFPB aims to understand why these costs are rising, who is benefiting, and how they can be reduced for both borrowers and lenders. According to the CFPB, median total loan costs for home mortgages have increased by over 36% from 2021 to 2023. These rising costs can strain household budgets and limit the ability of lenders to offer competitive mortgages. The CFPB is seeking input from the public, including borrowers and lenders, on which fees are subject to competition, how fees are set, and how they affect consumers. The findings from this inquiry will help inform rulemaking, guidance, and other policy initiatives. Comments must be received within 60 days of the request for information being published in the Federal Register. Consumers can submit complaints about financial products or services on the CFPB's website or by calling (855) 411-CFPB (2372).

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