The Consumer Financial Protection Bureau announced a revised version of its methodology for determining average prime offer rates.
Details: The CFPB revised its methodology statement to address the upcoming unavailability of certain data the CFPB previously relied on to calculate APORs. On or after April 21, the CFPB will begin using ICE Mortgage Technology data and the CFPB’s revised methodology to calculate APORs.
Background: APORs are annual percentage rates derived from average interest rates, points, and other loan pricing terms offered to consumers by a representative sample of creditors for mortgage loans that have low-risk pricing characteristics.