Consumer protection agency launches incomplete rate tracker

CFPB mortgage tool fails to include points, fees in rate estimates

From left: Steve Stamets and David Stevens
From left: Steve Stamets and David Stevens

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.

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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]