The Consumer Federal Protection Bureau last week launched an inquiry into what the agency is calling 'junk fees in mortgage closing costs.' These additional fees, involving home appraisal, title insurance and other services, have spiked in recent years and can add thousands of dollars to the final cost of buying a home.
What are the government's concern about mortgage junk fees?The CFPB is worried that junk fees may be eating away at homebuyers' ability to place a reasonable down payment on their home. Excessively high closing fees may also lead buyers to fall behind on mortgage payments, officials believe.
Source: Loan Digest (loandigest.net)
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