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So the CFPB has this 69-page report on how mortgages require too much paperwork...

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Ryan Smith | 06 May 2014, 11:35 AM Agree 0
The CFPB recently issued a 69-page report on the need to cut down the paperwork required at closing. Sixty-nine pages. To put that in perspective, the US Constitution -- the document that spells out the governing principals of the world's oldest continuous democracy -- is only 21 single-spaced pages. Still, does Cordray have a point? Does the closing process need streamlining?
  • Bill Lavigne | | 09 May 2014, 08:47 AM Agree 0
    I worked in closing for 12 of the 27 years that I have been in the residential mortgage profession, and half of the closing forms are already in the file signed or acknowledged at some point during the origination, processing or underwriting process. Many states require additional state specific disclosures that Federal disclosures already addressed and many of the documents sent are final typed documents that replicate the initial documents submitted or produced for or by the applicants at some point during the process prior to closing.
    In my opinion 70% of the forms should be addressed and finalized prior to the closing process to clear the way for only the Security Instrument, Note, Settlement Statement and a few other necessary forms that the customer can read and digest during the 60 to 90 minute closing time allotted in most closing appointments.
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