The Real Deal New York

New mortgage rules come at a price

Changes aimed at transparency mean higher fees for homebuyers

November 24, 2015 04:26PM
By Kenneth Harney

Richard Cordray

The Consumer Financial Protection Bureau’s Richard Cordray

From the November issue: It’s been just a few weeks since the nationwide changeover in mortgage and settlement procedures took effect, but the early results are trickling in: Lenders and brokers say just about everything is taking longer and the costs to home buyers are moving up.

On Oct. 3, under a directive from the federal Consumer Financial Protection Bureau, lenders, title insurers and settlement agents were required to comply with a nearly 1,900-page new rule book designed to improve transparency and accuracy in real estate and mortgage transactions for home buyers and refinancers. [more]