Law360 Article Cites Robert M. Couch’s Commentary on the CFPB’s New Rule Allowing Lenders to Refund Borrowers
Robert Couch was quoted in a Law360 article entitled “CFPB Lets Lenders Refund Mortgage Fee Overcharges.” The article examines a new rule issued by the CFPB, which would allow mortgage lenders to refund points and fee overcharges.
“While those mandates and extensive documentation required for qualified mortgages gained headlines, lenders have found that the 3 percent points and fee cap has been tougher to meet,” said Couch, current Housing Commissioner for the Bipartisan Policy Center and former Ginnie Mae President.“The bigger problem has turned out to be the 3 percent cap on fees. For smaller mortgages, that 3 percent cap really traps people,” he said.
Read the complete Law360 article, “CFPB Lets Lenders Refund Mortgage Fee Overcharges.”