"Closing costs can be a significant obstacle to refinancing... they can add up to several percentage points of the total mortgage amount, which makes refinancing unappealing unless the interest rate is much lower."
"We're exploring whether we should make certain changes to the existing mortgage regulations to streamline the process and to reduce closing costs."
"We're especially interested in the costs and time taken to refinance a mortgage that are exclusively related to complying with federal mortgage law, rather than steps that may be demanded by investors for other reasons."
"We're pursuing rules to accelerate the shift to open banking with mortgages in mind, which may help spur competition and reduce costs."
#mortgage-industry #consumer-financial-protection-bureau #refinancing-costs #regulatory-changes #open-banking
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