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Cordray Says CFPB Has Open Mind on Affiliated Fees

JAN 7, 2014 1:41pm ET

The Consumer Financial Protection Bureau wants lenders, Realtors and others to report on how the rollout of the qualified mortgage rule is impacting the marketplace and access to credit.

“We want to know actually what is going on,” CFPB director Richard Cordray said at a housing policy forum sponsored by the National Association of Realtors. “We have shown we are very responsive to the data and information.”

NAR president-elect Chris Polychron noted that Realtors are still concerned about the treatment of lenders affiliated with other service providers. And the Realtors continue to support legislation that would exempt fees charged by affiliated title companies from the 3% points and fees cap.

Cordray indicated he wants to monitor that part of the QM rule, too.

“We all can monitor the market as it moves forward to see how it is actually affecting things. And we want the Realtors and others to bring information to us on how it is affecting the marketplace. We will be open-minded in considering what that means," Cordray said.

The QM rule officially goes into effect Jan. 10.