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DeepNewz, mobile.
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The United States is considering a significant regulatory change in the mortgage industry, as the Consumer Financial Protection Bureau (CFPB) evaluates the possibility of prohibiting mortgage bankers from charging homebuyers for lender title insurance. This insurance, which is mandated for lenders when they sell their mortgage loans to government-controlled mortgage entities, has traditionally been paid for by the borrowers. This move aims to end a long-standing industry practice, reflecting the concerns over the financial burdens placed on homeowners. The plan is still in its early stages, with details being deliberated upon by the agency.
Bloomberg: U.S. weighs ban on charging buyers for lender title insurance "The Consumer Financial Protection Bureau’s plan is still in the early stages, according to people familiar with the matter." https://t.co/4pXBrv7CZD
A top US consumer watchdog is considering whether to bar mortgage bankers from charging homebuyers for title insurance that protects the lenders, ending a long-standing industry practice https://t.co/SHs1jJQoVz via @markets
Can RRE go 1 day without a headline? 📌"Required policies protect lenders, but are paid by borrowers" ☝️I don't think most people realize that. https://t.co/oOrkzvSknh
