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Friday, January 3, 2014

CFPB Requests Input on Improving the Mortgage Closing Process

Today's Federal Register included an information collection request by the CFPB, "the Consumer Financial Protection Bureau (CFPB) seeks information on key consumer ‘pain points’ associated with mortgage closing and how those pain points might be addressed by market innovations and technology. The CFPB seeks to encourage the development of a more streamlined, efficient, and educational closing process as the mortgage industry increases its usage of technology, electronic signatures, and paperless processes." The request focuses on: consumers at closing, errors and changes at closing, other parties at closing, and ways to improve closing.

Comments are due February 7, 2014. The ABIA is currently reviewing the information request to determine if our members would benefit from commenting.  

Learn more in the Federal Register.