Mortgage Tech Demo Day

In a half-day format, technology companies will demo their platforms and answer questions. You can tune in for the whole demo day, or strategically drop in on sessions to learn about specific solutions.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

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Road to the one-click mortgage

This white paper will outline how leveraging a credential-based data provider can save money for lenders, reduce friction for borrowers, speed time to close, and overall bring lenders one step closer to a one-click mortgage.

Politics & MoneyMortgage

Watch the CFPB hearing on mortgage closings LIVE

CFPB open hearing now

HousingWire will be covering the CFPB's mortgage closing forum in Washington, D.C. this afternoon at 2:30 p.m. ET, featuring remarks by Cordray, Housing and Urban Development Secretary Shaun Donovan and senior federal officials.

You can view the live event as it happens below. HousingWire will be hosting the archived event after.

The event will feature remarks by Director Richard Cordray and Housing and Urban Development Secretary Shaun Donovan. The forum will also include a panel discussion with CFPB staff, consumer groups, and industry representatives.

The Bureau heard about three major pain points for consumers:

1) Not enough time to review

Many consumers are frustrated by the short amount of time they have to look over the closing documents. Often, they do not see the paperwork until they arrive at the closing table. Consumers reported feeling pressure to rush through the paperwork and sign—even when they did not understand the terms.

2) Overwhelming stack of paperwork

When consumers close on a home, they often face stacks of paperwork. Some of the forms are intended to help consumers better understand the costs and risks of their mortgages. Other forms are included by lenders as a result of their legal risk assessments. Remaining forms may fulfill federal, state, and local government requirements. The volume of paperwork varies from lender to lender.

3) Complexity of documents and errors

Most closing documents are full of legalese and technical jargon. The terms and acronyms are unknown to most consumers. In addition to having little time to read through and understand a large stack of paperwork, consumers often complained that they had little help from the others in the room. Consumers also mentioned that they found errors in their closing documents. Those errors often led to delays as closing agents had to redo the entire closing package.

Live streaming video by Ustream

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