Seeking 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 CFPB issued a notice and request for information from market participants, consumers, and other stakeholders who work closely with consumers about the “key consumer ‘pain points’ associated with mortgage closing and how those pain points might be addressed by market innovations and technology.” The CFPB is seeking information on areas such as errors and changes at closing, other parties at closing, closing documents, and improving the closing process. For example, the CFPB seeks information on what documents consumers find particularly confusing during the closing process and what resources borrowers use to define unfamiliar loan terms. The information is sought as part of the CFPB’s plan to conduct several initiatives to test and study ways in which the closing process can be improved for consumers. Comments must be submitted on or before February 7, 2014.
Alert January 07, 2014