The Consumer Financial Protection Bureau notified the public in early January that it is considering making changes to the mortgage closing process. Now, the bureau is planning to hold a public forum to discuss the issue. October Research, LLC will be attending the April 23rd forum in Washington, D.C. Come back to www.respanews.com for live coverage throughout the day. The CFPB published a notice in the Federal Register on Jan. 3, requesting information from the public about the mortgage closing process. The bureau said it wanted to develop a more streamlined and efficient closing process and sought information on “key consumer pain points” associated with closings and how those pain points can be addressed by market innovations and new technology.
The agency said its request was part of the next phase in its Know Before You Owe initiative, a project that began in May 2011 when the agency posted the first two prototype Loan Estimate forms online.
The deadline for comments regarding the closing process was Feb. 7. The bureau received approximately 466 comments with a variety of suggestions on how the closing process can be improved.
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