The Mortgage Bankers Association President and CEO has stated that the Consumer Financial Protection Bureau web page that was unveiled two days ago should be altered to remove the "Rate Checker" tool. A prior post entitled "Learning About 'Owning a Home'....from CFPB" outlined the new educational web page that has been rolled out by CFPB. The MBA is of the 
opinion that the tool on the page which allows consumers to check interest rates in their states does not go far enough and may violate CFPB disclosure laws and regulations. The statements by the MBA were reported in an article appearing on housingwire.com.
The Rate Checker tool provides simple interest rates currently being charged in all states, based upon sales price, down payment, loan term, loan type, rate type, and credit score. The Rate Checker does have a link to an "ask CFPB" page that was last updated in October 2013 that gives very basic and simple explanations of other costs that may be incurred in connection with a mortgage loan. The link is not very prominent. There is no mention on Rate Checker or the "ask CFPB" page of anything resembling an annual percentage rate or any indication of even an approximation of lender fees and costs that would be charged for the rates quoted.
While the MBA gives the CFPB credit for its effort to educate consumers, it is their opinion that the CFPB has gone to far. They are also irritated that CFPB did not consult representatives of the new educational page prior to activating the page.
The CFPB web page can be found HERE. While the Rate Checker is labelled as a "beta" and will undergo revisions, in its present state it does appear to go to far in the information it does provide to consumers who are assumed to be in need of an education in the first place. Should CFPB remove the Rate Checker until it is refined and complies with CFPB regulations that are imposed on all lenders?
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