| Entities | |
| Topics and Issues | Closing costs (3) Credit scores (42) |
In March 2024, a blog post was published to the Bureau’s website, Junk fees are driving up housing costs. The CFPB wants to hear from you. The blog was authored by Julie Margetta Morgan. The blog’s main point was that “[c]losing costs have risen, putting pressure on borrowers’ budgets.” Embedded in this blog are claims about how alleged increases in the costs of credit reports are contributing to the increase in closing costs. We focused on the following passage from the blog:
Mortgage lenders have recently reported steep increases in the price of the scores and reports used for mortgage underwriting. The CFPB has heard reports of recent costs spiking 25 percent to as much as 400 percent. At the same time, we estimate that nationwide credit reporting companies made over $1.3 billion annually. These steep increases in a market that lacks competition and choice warrant further scrutiny.