The Consumer Financial Protection Bureau (CFPB) on Friday proposed requiring lenders to make available no-fee, no-point mortgages to make it easier for prospective homeowners to comparison shop, MarketWatch.com reported yesterday. The proposal from the CFPB would force lenders to make such loans available unless consumers were "unlikely" to qualify for such a loan. "These options would enable a consumer buying or refinancing a home to better compare competing offers from different creditors, better able to compare loan offers from a particular creditor, and decide whether they would receive an adequate reduction in monthly loan payments in exchange for the choice of making upfront payments," the CFPB said. It also would force lenders to offer interest rate reductions when consumers did elect to pay such upfront points or fees.
