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CFPB looks to ease mortgage closing 'pain points'

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Mortgage Professional America | 06 Jan 2014, 06:32 AM Agree 0
The CFPB is polling opinion on consumer "pain points" in the mortgage closing process
  • Viva la Revolucion | | 06 Jan 2014, 08:27 AM Agree 0
    The closing process has been very smooth for over 25 years, right up to the creation of the CFPB.
  • Dick Shirinyan | | 06 Jan 2014, 08:50 AM Agree 0
    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.
  • gary | | 06 Jan 2014, 09:43 AM Agree 0
    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.
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