CFPB Seeking Public Input To Help Homeowners In Mortgage Market

By TMN Editor

The Consumer Financial Protection Bureau wants the public to weigh in on ways to improve the mortgage process for homeowners who would benefit from refinancing.

They are especially looking for borrowers with smaller loan balances.

CFPB Director Rohit Chopra said in a statement that the mortgage market has not provided products that allow all households to save money by refinancing at a lower interest rate.

“We are eager for input on ways that borrowers taking out loans today can refinance to lower rates in the future,” Chopra said.

According to a press release, the agency is also looking for input on automatic short-term and long-term loss mitigation assistance for homeowners who experience financial disruptions.

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Email story ideas to Editor Kimberley Haas: [email protected]