“The CFPB’s blog post is baffling and reveals little understanding of how the mortgage market works or awareness of its own regulations that provide for full fee transparency and limits on what can be charged,” said Bob Broeksmit, president and CEO of the MBA.
Interest rates on GSE refis rose almost immediately after the adverse fee was announced and when FHFA removed the fee in July 2021, interest rates responded accordingly.
“Synchronizing bi-merge credit reporting with the implementation of the new credit score model requirements will reduce complexity for market participants,” said FHFA Director Sandra Thompson.
“We are committed both to preventing conflicts of interest in our work and to preserving the independence of our staff,” said David Uejio, acting associate director of the CFPB’s supervision
division.