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Consumer Financial Protection Bureau Rate Checker

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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/

 

 

 

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