The CFPB proposed a revised rule for mortgage fees that would allow paying down points for interest on home loans.
"The agency departed from its original proposal in May, which met stiff resistance from mortgage brokers and loan officers, largely because the CFPB found a benefit to some consumers," writes American Banker's Kate Berry.
Under the proposed rules lender will still have to offer a no-point option to make comparisons easier. "Consumers have a hard time comparing loans when they are dealing with a bewildering array of points and fees," said CFPB Director Richard Cordray in a press release.
For the full piece see "CFPB Scraps Flat-Fee Mortgage Proposal" (may require subscription).