Answer:
YES! In addition to the Credit Card Late Fee cap of $8, the CFPB has now turned their sights to loan closing costs associated with mortgage borrowing. They have specifically called out discount points, as well as fixed costs like lender’s title insurance and credit report fees. They are seeking to determine how a lack of competition and choice adds to rising housing costs, especially for fees in which the borrower “does not benefit” from the service. (For example, citing lender’s title insurance which benefits the creditor at the borrower’s expense.)
This is an emerging risk to know about now! Learn more at the upcoming 90 minute webinar “Junk Fee Crack Down” on Tuesday, April 30, 2024!
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Learn more about Rebekah Leonard’s
Junk Fee Crack Down
webinar.
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