UP

Consumer Financial Protection Bureau Rate Checker

Written by 

The CFPB provides an Owning a Home online resource for consumers.  Two weeks ago, the CFPB rolled out the beta version of an interest rate checker.  By inputting their credit score, state, home price, down payment, and loan information, consumers can learn what kind of interest rate they might expect from lenders in their area.  The tool also provides a clearly laid out explanation of the costs of higher interest rates over 5 and 30 years, as well as plain-English explanations of terms used by lenders and creditors.

 

The rate checker received a great deal of opposition from the industry.  NAMB President John Councilman stated “If a private company released this exact product, the CFPB and state regulatory authorities would have a team sent in to shut the site down,” while the Mortgage Bankers Association’s CEO David Stevens said the tool gives incomplete information about the costs associated with a loan.

You can find the interest rate checker at http://www.consumerfinance.gov/owning-a-home/check-rates/

 

 

 

Recent Posts

  • 13-02-2015
    Consumer Financial Protection Bureau Rate Checker
    The CFPB provides an Owning a Home online resource for consumers.  Two weeks ago, the CFPB rolled out the beta version of an interest rate checker.  By inputting their credit…
  • 13-02-2015
    What is a Business Day?
    The Truth in Lending Act contains numerous deadlines, timelines, and other important and sensitive dates to keep track of. 
  • 02-01-2013
    Tax Relief for Short Sales Extended to December 31, 2014
        The deadline for the debt foregiven by your lender to not be considered taxable income has been extended from December 31, 2013 to December 31, 2014.**   Congress as part…
  • 07-12-2012
    Notice of Homestead
    If you have a judgment against you and you’re looking to sell or refinance your home how do you protect your proceeds once you sell the home?  There is a…
  • 07-12-2012
    Florida Land Trusts Protect Owner's Privacy
    Do you want to retain control over your property while maintaining anonymity? Are you familiar with Florida Land Trusts? They allow you to maintain the power of direction over a property,…
  • 23-10-2012
    Declaration of Domicle
    Does a creditor have a judgment against you? How do you keep them from trying to enforce the judgment against the equity in your home?  In Florida, your primary residence…