Mortgage Industry Leaders React To Crackdowns On “Junk Fees”
By ERIN FLYNN JAY
As the Biden administration’s war on “junk fees” continues, mortgage industry leaders are saying closing costs are not the source of home affordability challenges.
In March, leaders at the Consumer Financial Protection Bureau asked for input in a blog post aimed at challenging these costs.
“Families who manage to save up for a down payment and get approved for a mortgage often get an unwelcome surprise: closing costs that all too often are full of junk fees,” the post by Julie Margetta Morgan said.
Closing costs are paid on the day a buyer finalizes the purchase of their home. They include title insurance, credit report costs, appraisal fees, origination fees, and more.
According to the CFPB,…