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CFPB Seeks Mortgage-Closing Information

Posted on 1/6/2014

The Consumer Financial Protection Bureau (CFPB) on Friday requested public comments on "pain points" associated with mortgage closings and how they might be addressed. As part of its "Know Before You Owe" initiative, the Bureau is seeking information from market participants, consumers, and groups or individuals who work closely with consumers. Comments are due by February 7.

"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 CFPB said. "This project will encourage interventions that increase consumer knowledge, understanding, and confidence at closing."

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