Consumer Watchdog

Want to sound off about mortgage closing costs?

Fees related to home mortgages increased by more than 36% from 2021 to 2023. The CFPB wants to know why.

Karolina Grabowska via | Used by permission

Perhaps nowhere are junk fees more pervasive and confusing than with home mortgages. Now the Consumer Financial Protection Bureau is digging into why closing costs are increasing.

From 2021 to 2023, the median loan costs for home mortgages increased by more than 36%, the CFPB said. The CFPB is looking into what’s driving higher closing costs, who is benefiting from the fees and how expenses for both borrowers and lenders can decrease.

The information the CFPB is most interested in:

  • For third-party closing costs, such as surveys or settlement costs, how much are they influenced by competitive pressure, and do consumers or lenders put pressure on companies by price shopping?
  • Who sets fees? Who profits? How much influence do lenders have on third-party fees paid by consumers?
  • What closing costs have increased in recent years and why? The CFPB is paying particular attention to increased costs of credit reports and credit scores, which generally are paid by consumers. 

The CFPB wants to hear from consumers and industry players. Comments are due by Aug. 2, 2024, using Docket No. CFPB-2024-0021. Comments can be submitted:

  • By email: [email protected]
    Type “Docket No. CFPB-2024-0021” in the subject line.
  • By mail:
    Comment Intake —Residential Mortgage Fees Assessment,
    Consumer Financial Protection Bureau,

    1700 G Street NW, Washington, DC 20552. 

Have a complaint about how a finance-related company is treating you?
You can file a complaint with the CFPB.

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