- 06/19/2022 - 06/21/2022
3:00 pm - 10:00 pm
Arizona Mortgage Lenders Association
Lucky families and individuals who find a home to purchase are discovering it costs more than in the past to close the loan.
This issue of Capital Commentary examines soaring origination and closing fees. Do they fit the definition of "junk fees"?
1-Big Thing: Origination, Closing Costs in the Crosshairs
The Biden administration is expanding its crackdown on "junk fees" by taking aim at mortgage closing costs, setting up a showdown with mortgage lenders and service providers.
The big picture: The administration previously announced plans to target excessive online concert fees, hotel resort fees and credit card late fees. Now, housing finance is feeling the heat.
Why it matters: Home loan closing costs increased nearly 22% for purchases between 2021 and 2022, with the average hitting $6,000, according to the CFPB.
Driving the news: The CFPB has signaled plans to issue new rules and guidance to "improve competition, choice, and affordability" when it comes to closing costs on home loans.
The administration's view: Biden officials argue some mortgage fees "benefit the lender but not the borrower" and drive up costs, reducing home affordability.
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