The CFPB warned mortgage comparison sites not to engage in “double dealing” by steering potential borrowers into more expensive loans offered by lenders that pay referral fees.
Mortgage comparison shopping platforms, such as LendingTree Inc., allow consumers to have a one-stop shop for evaluating mortgage and other loans offered by competing lenders.
The Consumer Financial Protection Bureau’s guidance Tuesday told mortgage comparison site operators that they need to present all loan options in a neutral fashion to ensure that customers are getting the best deals, even if some lenders pay them referral fees.
Steering consumers into higher-cost loans in exchange ...
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