CFPB “Junk Fee” Initiative
On March 8, 2024, the CFPB issued a
blog post signaling a new front in its focus on “junk fees”—mortgage closing costs. The CFPB suggests that title insurance, credit report and appraisal, origination, and other closing fees are driving up housing costs and that some of them are “high and increasing due to little competition,” and states that it may issue rules and guidance to “improve competition, choice, and affordability.”
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