The Consumer Financial Protection Bureau (CFPB) is requesting information from the public regarding the mortgage closing process. The goal of this request is to identify what the CFPB calls “pain points,” or problems that people experience through the closing process and how these problems may be remedied with technology and innovations in the market.
The CFPB wants to use this information to help develop a closing process that is more streamlined, efficient, and educational to accommodate the mortgage industry’s increased usage of technology, electronic signatures, and paperless processes. This data request is part of the CFPB’s Know Before Your Owe initiative. The goal of this initiative is to identify how the mortgage closing process can be improved for consumers and real estate professionals and encourage developments that will increase the knowledge, understanding, and confidence of the consumer during the closing process.
The CFPB is offering the opportunity to market participants, consumers, stakeholders, and real estate professionals to relay their experiences of the closing process to help improve it. The information that is submitted will give the CFPB a better understanding of the common problems that consumers and professionals face during the process as well as a better idea for improving the experience.
For NAR professionals, this information request provides the perfect opportunity to offer their expertise and views regarding the current closing process to help improve it for all involved.
Dates: The last date to submit your comments to the CFPB is February, 7 2014.
Addresses: Electronic Delivery: Go to http://www.regulations.gov and follow the instructions for submission.
Mail/ Hand Delivery/ Courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552
Instructions: Include the document title and docket number with each submission. The CFBP encourages electronic submissions due to the delays in paper mail in the Washington, DC area. All comments received will be available for public viewing without change at http://www.regulations.gov. They will also be available to the public at 1700 G Street NW., Washington, DC 20552 on business days between the hours of 10 am and 5 pm.
For additional information, contact Monica Jackson, Office of Executive Secretary, at 202-435-7275.