The Consumer Financial Protection Bureau is taking aim at mortgage “junk fees” yet again, this time in the servicing sector. The bureau released supervisory highlights addressing what it classifies as illegal junk fees, such as prohibited fees, deceptive notices sent to homeowners, and violations of loss mitigation rules. “Homeowners cannot just simply switch providers if…
By KIMBERLEY HAAS The U.S. House of Representatives has passed the Middle-Class Borrower Protection Act which would reverse recent changes to fees charged by Fannie Mae and Freddie Mac. Republicans have been fighting changes to the loan-level price adjustment matrix which were announced earlier this year and scheduled to go into effect on May 1….
By KIMBERLEY HAAS Changes to fees for loans backed by Fannie Mae and Freddie Mac are under scrutiny after recent reports that homebuyers with good credit scores and substantial down payments will pay more starting May 1. Last week, The Washington Times published an article with the headline “Biden to hike payments for good-credit homebuyers…
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