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CFPB considers ban on charging buyers for lender’s title policy

The Consumer Financial Protection Bureau is considering a ban on mortgage banks charging homebuyers for the lender’s title insurance policy, according to a report by Bloomberg.

Lender’s title policies protect lenders from issues that may arise with the title of the property, but they are paid by the borrower. The homebuyer also has the option to purchase an owner’s title policy, which protects the equity they build on the property.

While the draft measure may be abandoned altogether, Bloomberg reported that in its current form it details ⇒

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