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HousingWire Daily
James Kleimann on the CFPB’s RFI and NAR’s membership numbers
May 31, 2024
Managing Editor James Kleimann discusses the CFPB’s RFI on mortgage 'junk fees' and NAR's membership decline. Topics include the impact of regulations on fees, consumer choices, third-party vendor fees, rising credit score costs, NYC rat problems, and NAR's membership fluctuations.
37:45
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Quick takeaways
- CFPB's RFI on mortgage 'junk fees' raises concerns about consumer control over title insurance and credit checks.
- NAR's membership decline of 45,000 indicates industry resilience amidst evolving market dynamics and commission structures.
Deep dives
Effects of CFPB's RFI on Mortgage Fees
The CFPB's Request for Information on mortgage junk fees raises concerns within the industry about fees perceived as 'junk' by consumers. The discussion delves into the industry's perspective on fees like title insurance and credit checks, generally attributed to investor requirements or federal guidelines. While the industry acknowledges the consumer's lack of control over such fees, there's a debate on whether these costs advantage consumers, hinting at the complexity of fee structures.
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