CFPB looks to ease mortgage closing 'pain points'

by Adam Smith06 Jan 2014
The CFPB is polling opinion on consumer "pain points" in the mortgage closing process.

The regulator has announced it is seeking information on "pain points" in morgage closing, and how these could be addressed through "market innovations and technology". In a release, the CFPB has asked for information from morgage market participants, consumers and stakeholders who work closely with consumer to streamline morgage closings.

"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 Bureau said.

The CFPB said it would seek to answer - among other questions - what common problems consumers face at closing, if there were any particular parts of the closing process borrowers found helpful, how the long the process as usually takes and how "empowered" consumers felt at closing.

"Closing can be stressful and confusing for consumers. The CFPB plans to conduct several initiatives in order to test and study various ways in which the closing process might be improved. This information will help inform those initiatives," the CFPB said.

Comments are to be submitted to the Bureau on or before February 7.


  • by Viva la Revolucion | 1/6/2014 8:27:27 AM

    The closing process has been very smooth for over 25 years, right up to the creation of the CFPB.

  • by Dick Shirinyan | 1/6/2014 8:50:58 AM

    One stop shop for the consumer is becoming thing of the past. Broker/Owner escrows accomodating the borrowers, even though it is a separate service provided, has been incorporated within the limits of 3% total fees. How the consumer is helped by going to independed escrow with their traditional 9 to 5 set hours and exempt charges? Consummers had always the right to shop and compare. The reason they have given us their escrow services is becouse we are willing to accomodate them according to their schedule and in the comfort of their homes.

  • by gary | 1/6/2014 9:43:21 AM

    Most of the changes have been aimed right at the broker> I have a meeting with my local Congressman and I have over 3000 signatures of his constituents stating that gov't control and these laws have limited their choices. Old news but my only other choice is to get a warehouse. Interesting enough a lot of the wholesalers are just going to change the rate sheets to keep their brokers whole and who is not affected are the commercial banks that can call balloons, write ARMS and don't adhere in any way shape or form to what the residential brokers deal with daily.


Is TILA-RESPA a good or bad thing long term?