Talking at an occasion yesterday, CPFB Director Rohit Chopra stated his company is taking a look at “worth gouging” in credit score reporting.
With credit score experiences required for promoting mortgages to Fannie and Freddie, mortgage lenders don’t have any alternative however to pay for them. Some lenders have shared that the prices for credit score experiences have elevated by as much as 400% since 2022.
To make issues worse credit score experiences are sometimes rife with inaccuracies and the CFPB is inundated with client complaints concerning this drawback.
These prices result in costlier mortgages in a market that’s already reeling from the very best rates of interest in additional than 15 years.
“We’re keen to listen to from lenders and can take a look at potential rulemaking and steering to enhance competitors, alternative and affordability,” he stated.
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> CFPB calls out “worth gouging” in credit score reporting
By Spencer Lee
At an trade convention, Client Monetary Safety Bureau Director Rohit Chopra stated he was open to options on methods to improve alternative and competitors to profit mortgage lenders and debtors.
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