CFPB Looks to Reduce “Pain Points” in Mortgage Closings

The Consumer Financial Protection Bureau is looking to improve the mortgage loan closing process and is seeking information on “pain points” associated with loan closings. 

In a request for comment filed this week, the CFPB asks a series of questions about the mortgage closing process such as the common problems or issues consumers face at closing and how long the process takes. 

“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 agency writes in its comment request. ” The next phase of CFPB’s Know Before You Owe initiative aims to identify ways to improve the mortgage closing process for consumers. This project will encourage interventions that increase consumer knowledge, understanding, and confidence at closing.”

So far, the agency has overhauled its mortgage disclosure forms for forward mortgages, through the effort, and has a separate forthcoming effort to reform reverse mortgage forms. 

The comment request is open until February 7, 2014.

 Written by Elizabeth Ecker

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