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HousingWire Daily
CFPB Director Rohit Chopra on junk fees, the new AVM rule and more
Jul 2, 2024
CFPB Director Rohit Chopra discusses junk fees, the new AVM rule, and the public orders registry. Topics include lender views on fees, consumer protection challenges, CFPB rule on AVMs, reporting repeat offenders, regulation of non-banks, and technology risks in finance.
20:28
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Quick takeaways
- Mortgage lenders struggle with passing junk fees to borrowers in high-interest rate environment.
- Balancing technology in AVMs crucial for accurate appraisals and consumer protection amidst market consolidation.
Deep dives
Impact of High Mortgage Rates and Home Prices on Lenders
The podcast discusses the challenges faced by mortgage lenders due to high mortgage rates and home prices impacting their volumes and profits. The focus on closing costs and labeling some costs as junk fees has raised concerns among lenders who express struggles in passing on additional fees to borrowers. The high interest rate environment adds further pressure on lenders, potentially leading to market consolidation and reduced choices for borrowers.
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Discover
highlights
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