The Real Deal New York

Consumer protection agency launches incomplete rate tracker

CFPB mortgage tool fails to include points, fees in rate estimates
By Kenneth Harney | February 26, 2015 10:40AM

From the February issue: When the federal government’s consumer protection agency for financial matters tells you how to shop for a good deal on a home mortgage, you should follow the advice, right? Maybe some of it.

The Consumer Financial Protection Bureau, which was created in the backwash of the worst national mortgage disaster since the Great Depression, went online with a new interactive mortgage tool last month. The CFPB’s website offers helpful tips on shopping and has a guide to loan alternatives, closing costs and a “rate checker” feature. [more]