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CFPB launches investigation into Bankrate mortgage rate tracker

Justice League

The Consumer Financial Protection Bureau is investigating Bankrate (RATE) over the mortgage rate comparison tool on Bankrate.com. Bankrate disclosed the CFPB investigation in a filing with Securities and Exchange Commission.

The inquiry could serve as a wakeup call as many websites in the mortgage space offer rate trackers as a service.

In the filing, Bankrate states that the company and several of its employees received Civil Investigative Demands from the CFPB, requesting that the company produce “certain documents” and answer questions relating to the company’s quality control process for its mortgage rate tables.

Bankrate states that it cooperated and responded to the CFPB’s request. After complying with the CFPB’s request, Bankrate said that it received a communication from the CFPB requesting Bankrate respond to the issues identified by the CFPB in the form of a Notice of Opportunity to Respond and Advise.

Read on.

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