WASHINGTON — The Consumer Financial Protection Bureau is considering new rules on mortgage fees, including banning origination charges based on the size of the loan.
The agency, which said the new rules would make it easier for potential home buyers to understand and compare mortgages, also is proposing that brokers and loan officers undergo criminal background checks and go through special training.
The preliminary proposals, unveiled Wednesday, also would prohibit incentives to steer consumers into higher priced loans.
"We want to bring greater transparency to the market so consumers can clearly see their options and choose the loan that is right for them," said Richard Cordray, the agency's director.
The 2010 financial reform law that created the consumer bureau mandated that it address mortgage fees and qualifications of mortgage originators.
