The Real Deal Miami

Consumer protection agency launches incomplete rate tracker

CFPB mortgage tool fails to include points, fees in rate estimates
By Kenneth Harney | February 27, 2015 09:45AM

From left: Steve Stamets and David Stevens

From left: Steve Stamets and David Stevens

From the New York 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]