In 2011, the Consumer Financial Protection Bureau (CFPB) put mortgage comparison sites on notice, saying that they needed to start disclosing more information about the loans they were offering. The CFPB found that many of these sites were not disclosing the full terms of the loans they were offering, and that some were even misleading consumers about the true cost of the loan.
Now, the CFPB is taking action against two of the largest mortgage comparison sites, LendingTree and Bankrate, for allegedly violating the Dodd-Frank Act. The CFPB is accusing LendingTree of failing to disclose the terms of the loans it was offering, and Bankrate of misleading consumers about the true cost of the loans it was offering.
Both LendingTree and Bankrate have denied the allegations, and they are both currently fighting the CFPB’s enforcement actions.
You can read this full article at: https://www.housingwire.com/articles/the-cfpb-puts-mortgage-comparison-sites-on-notice/(subscription required)
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