Borrowers should shop around, CFPB chief says

mortgages

Bymortgages Jann Swanson | Mortgage Daily News

According to a study conducted by the CFPB, nearly half of all consumers do not shop around before purchasing a mortgage.

“This means,” Richard Cordray told an audience at the Brookings Institute, “they seriously considered only a single lender or broker before making their decision.”

In a speech in which he stressed the importance of “Changing the culture how people get their mortgages,” Cordray, Director of the Consumer Financial Protection Bureau (CFPB), said his agency’s recent National Survey of Mortgage Borrowers, conducted in conjunction with the Federal Housing Finance Agency, also found that most consumers put substantial effort into considering other housing needs.

“They routinely weigh the most basic questions about which house to buy, such as where they want to live, and how many bedrooms or bathrooms they think they will need.  But they do not seem to be as careful or as confident in weighing the economic aspects of the mortgage decision, such as what down payment they can afford or what mortgage terms fit their unique financial needs.”

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