CFPB Requests Information on Refis, Forbearances
September 22, 2022
The Consumer Financial Protection Bureau (CFPB) is seeking information on mortgage refinances and forbearances. Deadline to submit comments is 60 days after the Request for Information (RFI) appears in the Federal Register.
The RFI seeks comment from the public about ways to
- Facilitate mortgage refinances for consumers who would benefit from refinancing, especially consumers with smaller loan balances
- Reduce risks for consumers who experience disruptions in their financial situation that could interfere with their ability to remain current on their mortgage payments.
The RFI includes a section on new products to facilitate beneficial refinances. While the RFI does not mention title insurance, it includes one reference to closing costs. The RFI says some creditors have introduced mortgage products designed generally to promote beneficial refinances by, for example, offering reduced closing costs for future refinances with the same creditor.
The RFI includes many questions that address barriers to refinancing, targeted and streamlined refinances, potential new products to facilitate refinances, and forbearances and other loss mitigation.
Contact ALTA at 202-296-3671 or [email protected].