{"id":3893,"date":"2024-04-15T06:58:29","date_gmt":"2024-04-15T10:58:29","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3893"},"modified":"2024-06-16T10:25:47","modified_gmt":"2024-06-16T14:25:47","slug":"consumer-financial-protection-bureau-gets-tough-on-mortgage-loan-junk-fees","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/consumer-financial-protection-bureau-gets-tough-on-mortgage-loan-junk-fees\/","title":{"rendered":"Consumer Financial Protection Bureau Gets Tough on Mortgage Loan Junk Fees"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-style-rounded is-style-rounded--1\"><img loading=\"lazy\" decoding=\"async\" width=\"1430\" height=\"575\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/04\/consumer-financial-protection-bureau-gets-tough-on-mortgage-loan-junk-fees.jpg\" alt=\"\" class=\"wp-image-3894\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/04\/consumer-financial-protection-bureau-gets-tough-on-mortgage-loan-junk-fees.jpg 1430w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/04\/consumer-financial-protection-bureau-gets-tough-on-mortgage-loan-junk-fees-300x121.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/04\/consumer-financial-protection-bureau-gets-tough-on-mortgage-loan-junk-fees-1024x412.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/04\/consumer-financial-protection-bureau-gets-tough-on-mortgage-loan-junk-fees-768x309.jpg 768w\" sizes=\"auto, (max-width: 1430px) 100vw, 1430px\" \/><\/figure>\n\n\n\n<p>Are lenders\u2019 \u201cjunk fees\u201d pushing the high <a href=\"https:\/\/www.deeds.com\/articles\/first-time-buyers-get-ready-for-these-extra-costs\/\">cost of closing on a home<\/a> even higher? The federal government thinks so.<\/p>\n\n\n\n<p>The Consumer Financial Protection Bureau (CFPB) says fees need to be more transparent, understandable, and reasonable.<\/p>\n\n\n\n<p>Why are the fees charged? Are they really \u201cjunk\u201d? Do borrowers get a say in what they pay? Let\u2019s take a look.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">What Closing Costs Count as \u201cJunk Fees\u201d?<\/h2>\n\n\n\n<p>Where a mortgage is involved, a borrower has to pay a variety of fees. Charges sometimes talked about as \u201cjunk fees\u201d are usually listed on the closing statement. Before the borrower may take the keys to that new home, all this stuff happens:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.deeds.com\/articles\/behind-the-scenes-of-a-home-purchase-whats-your-title-company-doing\/\">Title companies<\/a> charge buyers at closing for their title insurance policies. A lender\u2019s title policy covers <em>only the lender<\/em> for possible, later-uncovered title defects. The CFPB bluntly says: \u201cThe amount that borrowers pay for lender&#8217;s title insurance is often much greater than the risk.\u201d Surprise!<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Appraisals (and the appraiser\u2019s charges) are part of the loan process. Some lenders offer loans with free appraisals. And yet, critics describe \u201c<a href=\"https:\/\/www.linkedin.com\/pulse\/free-market-appraisal-sales-pitch-common-sense-real-estate-carl-slade\/\" target=\"_blank\" rel=\"noreferrer noopener\">free appraisal<\/a>\u201d as one of many marketing phrases. It amounts to a lure, critics say, to get applicants through the door.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Credit reporting companies\u2019 charges get stirred into the mortgage, too. Borrowers get charged for the multiple credit reports ordered by the mortgage company. Three large companies dominate the credit reporting sector, so these firms have generally escaped the kind of competitive pressure that most corporations face to keep prices down.<\/li>\n<\/ul>\n\n\n\n<p>And even as they\u2019ve been hiking fees, nationwide credit reporting companies made over $1.3 billion annually, the agency points out.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lenders issue fees for loan origination and other administrative items.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Borrowers might buy discount points to get a lower rate over the term of a loan. Little do most buyers know that points may actually<em> increase<\/em> mortgage costs, the CFPB explains, and with the rates elevated, borrowers have been paying more for points \u2014 now typically adding up to $2,000+.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Borrowers with limited funds pay more. They pay higher interest rates, and many are forking over private mortgage insurance (PMI) premiums every month. (Those <a href=\"https:\/\/www.deeds.com\/articles\/thinking-about-an-fha-mortgage-in-2023-heres-what-you-need-to-know\/\">PMI premiums were cut<\/a> for some loans last year, but they continue to weigh heavily on first-time buyers and borrowers with modest incomes.)<\/li>\n<\/ul>\n\n\n\n<p>Across the board, says the CFPB, costs are on the rise.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Closing Costs Can Sideline Borrowers With Modest Incomes.<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full is-style-rounded is-style-rounded--2\"><img loading=\"lazy\" decoding=\"async\" width=\"405\" height=\"270\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/04\/closing-costs-can-still-sideline-buyers-with-modest-incomes.jpg\" alt=\"\" class=\"wp-image-3895\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/04\/closing-costs-can-still-sideline-buyers-with-modest-incomes.jpg 405w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/04\/closing-costs-can-still-sideline-buyers-with-modest-incomes-300x200.jpg 300w\" sizes=\"auto, (max-width: 405px) 100vw, 405px\" \/><\/figure>\n\n\n\n<p>And they do. Some people trying to get a toehold on today\u2019s homeownership ladder find out they\u2019ll pay more in closing costs than on their down payments! Fee payers are being hit up when they\u2019re vulnerable \u2014 after all, they\u2019re focused on the deal going through, and rarely counting the nickels and dimes.<\/p>\n\n\n\n<p>So, buyers might not focus specifically on the actual amounts of the fees, even though they know they\u2019re paying them. The bulk of closing costs are blended into the mortgage itself, pushing a household\u2019s monthly mortgage expenses upward.<\/p>\n\n\n\n<p>The typical (median) mortgage holder is paying nearly $6,000 in these additional costs and fees. Wow. These charges do add up. This figure does not count the <a href=\"https:\/\/www.deeds.com\/articles\/legal-update-nars-ready-to-settle-its-lawsuit-heres-what-home-sellers-and-buyers-stand-to-gain\/\">commissions for the seller and buyer agents<\/a>. Even if the seller pays commissions, a borrower ultimately covers those costs, too \u2014 through the price paid to the seller for the home.<\/p>\n\n\n\n<p>Sure, borrowers can pay the closing costs upfront. But that competes with the down payment they have to kick in. And sure, borrowers may shop for a <em>no-closing-cost mortgage<\/em>. Or they might seek a mortgage company that gives a <em>credit to cover closing costs<\/em>. But the normal fees still exist in these attractive-sounding loans that some companies market. They\u2019re blended into the loan or its interest rate. &nbsp;It\u2019s a no-free-lunch situation, and the menu is getting pricey.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fed-Up Consumer Watchdog Seeks Owners\u2019 and Renters\u2019 Stories.<\/h2>\n\n\n\n<p>What\u2019s your experience with closing costs? Your input can help shape housing policy. see the next section of this column for the link to comment. The Consumer Financial Protection Bureau is interested in customer comments about:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Trying to refinance a mortgage to grab a lower interest rate when rates go down.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Struggling to make monthly mortgage payments.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Submitting complaints involving a lender or mortgage specialist.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Dealing with high lending fees \u2014 either for loans to pay rent or to buy a home.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Using fee-heavy rent payment platforms online.<\/li>\n<\/ul>\n\n\n\n<p>The CFPB wants public opinion on all of the above \u2014 whether the input is general, or specific to your household\u2019s experience.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Will the CFPB Do With What They Learn?<\/h2>\n\n\n\n<p>The CFPB will proceed as needed to issue \u201crules and guidance\u201d that improve borrowers\u2019 experiences with closing fees. As an independent agency of the federal government, the CFPB is entrusted with protecting consumers of financial products, like loans. &nbsp;<\/p>\n\n\n\n<p>\u201cWe will also continue,\u201d says the agency, \u201cto hold companies accountable when they violate the law.\u201d We as consumers can influence the agency\u2019s to-do list.<\/p>\n\n\n\n<p>Interested in sharing thoughts about your mortgage experiences? There are two types of input you can send in:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you want to <a href=\"https:\/\/story.consumerfinance.gov\/tell-your-story\/s\/tell-your-story\" target=\"_blank\" rel=\"noreferrer noopener\">submit input<\/a>, you can easily do this online. The administrators there are interested in both positive and negative stories from applicants and borrowers.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>There\u2019s a separate webpage to report a problem with your mortgage or closing costs. You can <a href=\"https:\/\/www.consumerfinance.gov\/complaint\/\" target=\"_blank\" rel=\"noreferrer noopener\">submit a complaint<\/a> with the CFPB \u2014 for example, if you\u2019ve faced a questionable or ambiguous \u201ctransaction fee\u201d or \u201cadministrative fee\u201d on your final statement at closing. &nbsp;<\/li>\n<\/ul>\n\n\n\n<p>In general, the CFPB is the agency to contact for borrowers charged inappropriately by mortgage companies or other professionals involved in a home sale transaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Meanwhile, the CFPB Gives Borrowers a Few Survival Tips.<\/h2>\n\n\n\n<p>Up for saving hundreds, even thousands, of dollars at closing? The Consumer Financial Protection Bureau thinks many borrowers can. It offers a few pointers for hopeful deed holders:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Compare the local average to your closing bill, and raise questions if you\u2019ve been asked to pay above what is typically expected.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Know that slowing things down for clarifications is OK. Adrenaline or just plain feeling rushed to sign documents can make good decisions difficult.<\/li>\n<\/ul>\n\n\n\n<p>Do you believe some of the fees you face are hard to understand or plainly unfair? If so, you do have the prerogative to find a company that\u2019s \u201cmore upfront and transparent,\u201d says the CFPB. After all, this is a major purchase most people only make once in a decade or more.<\/p>\n\n\n\n<p>Mainly, it\u2019s best to keep your antennae up and ask questions.<\/p>\n\n\n\n<p>\u201cReaching the closing stages of a deal may feel like the end of a marathon,\u201d writes Tom Higgins for <em>Kiplinger.<\/em> The pressure is on to agree to the fees, which seem like hurdles to jump to win those precious house keys.<\/p>\n\n\n\n<p>The buyer\u2019s push to get to the finish line is understandable. It\u2019s especially so, for first-timers who sweat every phone call with the mortgage company. Still, Higgins adds: <em>Think clearly.<\/em><\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Julie Margetta Morgan for the Consumer Financial Protection Bureau: <a href=\"https:\/\/www.consumerfinance.gov\/about-us\/blog\/junk-fees-are-driving-up-housing-costs-the-cfpb-wants-to-hear-from-you\/\" target=\"_blank\" rel=\"noreferrer noopener\">Junk Fees Are Driving Up Housing Costs. The CFPB Wants to Hear From You<\/a> (blog entry for Mar. 8, 2024; internal references omitted).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Tom Higgins for <em>Kiplinger.com<\/em> (copyright by Future US, Inc.): <a href=\"https:\/\/www.kiplinger.com\/real-estate\/junk-fees\" target=\"_blank\" rel=\"noreferrer noopener\">Beware \u201cJunk Fees\u201d When Buying a Home<\/a> (updated Sep. 22, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\">And as linked.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\"><strong>More on topics: <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/closing-on-a-home-fast\/\">Closing on a home fast<\/a><strong>, <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/did-biden-raise-mortgage-fees-for-borrowers-with-good-credit-to-help-people-with-bad-credit\/\">Upfront fee structure for conventional mortgages<\/a><\/h3>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a href=\"http:\/\/www.nyphotographic.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Nick Youngson<\/a> via Pix4free\/<a href=\"https:\/\/www.picpedia.org\/real-estate-06\/f\/fees.html\" target=\"_blank\" rel=\"noreferrer noopener\">Picpedia<\/a> (CC-BY-SA 3.0; cropped), and <a href=\"https:\/\/www.pexels.com\/photo\/copper-colored-coin-lot-259165\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pixabay<\/a>, via Pexels\/Canva.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are lenders\u2019 \u201cjunk fees\u201d pushing the high cost of closing on a home even higher? The federal government thinks so. The Consumer Financial Protection Bureau (CFPB) says fees need to be more transparent, understandable, and reasonable. Why are the fees charged? Are they really \u201cjunk\u201d? Do borrowers get a say in what they pay? Let\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3894,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[894,1016,324,1197,1198,1196],"class_list":["post-3893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","tag-cfpb","tag-financial-protection","tag-home-buying","tag-junk-fees","tag-loan-transparency","tag-mortgage-closing-costs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Consumer Financial Protection Bureau Gets Tough on Mortgage Loan Junk Fees - Deeds.com<\/title>\n<meta name=\"description\" content=\"Discover how the Consumer Financial Protection Bureau is tackling hidden &#039;junk fees&#039; in mortgage closing costs to make home buying more transparent and affordable. 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