HousingWire.com – Trey Garrison
The Consumer Financial Protection Bureau has found that many consumers are frustrated by the short amount of time they have to review a large stack of complex closing documents when finalizing a mortgage. In conjunction with the findings of their consumer survey, the CFPB also released guidelines for an upcoming eClosing pilot project to assess how electronic closings can benefit consumers as they navigate the mortgage closing process. “Mortgage closings are often fraught with anxiety,” said CFPB director Richard Cordray.
“We have taken action to address some of the problems consumers face, but more needs to be done. Our eClosing pilot project will provide valuable insight into how to improve the closing experience for consumers. ” The report released today is the culmination of research conducted over the past year. As part of that research, in January 2014, the CFPB surveyed the challenges consumers face when closing on a home.
The Bureau heard about three major pain points for consumers:
1. Not enough time to review
2. Overwhelming stack of paperwork
3. Complexity of documents and errors
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