MBA Joint Trades Letter on the CFPB’s RFI on Mortgage Closing Costs

2024 Comment Letters Consumer Financial Protection Bureau (CFPB) Government Lending Government Servicing Policy Issue Residential
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The Associations support the Bureau’s interest in understanding the affordability challenges facing the housing market. It is regrettable that the CFPB is inaccurately characterizing certain fully disclosed, statutorily required and necessary mortgage-related fees as “junk fees” through blogs, circulars, advisory opinions, and public speeches. It is damaging for consumers and industry stakeholders alike to have the principal consumer financial protection regulator mischaracterize legitimate and fully disclosed fees associated with products and services that are of crucial financial utility and serve critical risk management purposes.

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