The Consumer Financial Protection Bureau (CFPB) has asked the public to comment on how the closing process should be changed. Time is winding down to get your responses in. So far, the bureau has received more than 170 comments, urging a more restricted, uniform closing process. The deadline for comments is Feb. 7. Do you think the closing process needs to be changed? Have you told the CFPB your thoughts?
The CFPB published a notice in the Federal Register on Jan. 3, requesting comments regarding the mortgage closing process. The bureau said it wants to develop a more streamlined and efficient closing process. The agency seeks information about problems with the closing process and how they can be addressed.
The bureau released its final RESPA/Truth in Lending Act integrated disclosure rule on Nov. 20, 2013, which gets rid of the current Good Faith Estimate (GFE) and HUD-1 Settlement Statement and introduces the Loan Estimate form and the Closing Disclosure. The rule changes made by that rule do not go into effect until August 2015. Until then, the closing disclosure forms remain as they are. Now that the bureau has the disclosure rule finalized, it is moving on to the closing process itself. It is looking for ways to improve the closing for consumers.
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