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.

Poll

Should CFPB have more supervision over credit agencies?