Request for Information Regarding the Mortgage Closing Process

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Docket ID: CFPB-2013-0036
Agency: Consumer Financial Protection Bureau (CFPB)
Summary:
This notice requests information from the public about mortgage closing. Specifically, the Consumer Financial Protection Bureau (CFPB) seeks information on key consumer ‘‘pain points’’ associated with mortgage closing and how those pain points might be addressed by market innovations and technology. 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 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. This notice seeks information from market participants, consumers, and other stakeholders who work closely with consumers. The information will inform the CFPB’s understanding of what consumers find most problematic about the current closing process and inform the CFPB’s vision for an improved closing experience.

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0238

    01/29/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0029

    01/07/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0437

    02/11/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0379

    02/07/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0388

    02/07/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0241

    01/31/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0395

    02/10/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0091

    01/14/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0352

    02/06/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0121

    01/15/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0078

    01/14/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0376

    02/07/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0026

    01/07/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0362

    02/06/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0187

    01/24/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0327

    02/06/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0006

    01/06/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0318

    02/05/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0430

    02/11/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0025

    01/07/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0070

    01/14/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0109

    01/14/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0201

    01/27/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0275

    02/04/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0177

    01/23/2014

      • The biggest, most repeated complaint is the LENDERS, notoriously wait until the very last few days to seemingly re-start gathering information the clients have already provided...

      • Public Submission
      • Posted:

        01/29/2014

      • ID:
        CFPB-2013-0036-0238
      • Organization:
      • Submitter Name:
        J K Toler
      • I am the owner of an independent real estate title agency. We strive to make sure the buyer/borrower understands all documents that they are required to sign. Most borrowers are...

      • Public Submission
      • Posted:

        01/07/2014

      • ID:
        CFPB-2013-0036-0029
      • Organization:
      • Submitter Name:
        Debi Grim
      undefined
      • Please see my attached letter for my comments.

      • Public Submission
      • Posted:

        02/11/2014

      • ID:
        CFPB-2013-0036-0437
      • Organization:
      • Submitter Name:
        Joseph Kirkland
      undefined
      • Comments are attached in PDF.

      • Public Submission
      • Posted:

        02/07/2014

      • ID:
        CFPB-2013-0036-0379
      • Organization:
      • Submitter Name:
        Elizabeth Beck
      • CFPB QUESTION ANSWERS from Alma Rushing, January 31, 2014 1) Consumers are unclear after they sign the loan documents what comes next. (West Coast only issue) The voluminous...

      • Public Submission
      • Posted:

        02/07/2014

      • ID:
        CFPB-2013-0036-0388
      • Organization:
      • Submitter Name:
        William Burding, Jr.
      • I have been practicing law since 1981. A great deal of my practice has been in residential real estate. I practice in Connecticut and I have also taught Real Estate Law at...

      • Public Submission
      • Posted:

        01/31/2014

      • ID:
        CFPB-2013-0036-0241
      • Organization:
      • Submitter Name:
        Edward C. (Ned) Burt, Jr.
      undefined
      • See attached file(s)

      • Public Submission
      • Posted:

        02/10/2014

      • ID:
        CFPB-2013-0036-0395
      • Organization:
        GCUL
      • Submitter Name:
        Selina Gambrell
      • I am also a Notary Signing Agent and I agree with some of the comments I have read. I just did a signing and it was very painful. Not only had the borrowers not seen the end...

      • Public Submission
      • Posted:

        01/14/2014

      • ID:
        CFPB-2013-0036-0091
      • Organization:
      • Submitter Name:
        Patricia Roberts
      undefined
      • See attached file(s)

      • Public Submission
      • Posted:

        02/06/2014

      • ID:
        CFPB-2013-0036-0352
      • Organization:
      • Submitter Name:
        Wes Miller
      • I am very happy that the Federal Government took action and created rules for Loan Originators and Banks. I do feel that the annual renewal for Mortgage Loan Originators is too...

      • Public Submission
      • Posted:

        01/15/2014

      • ID:
        CFPB-2013-0036-0121
      • Organization:
      • Submitter Name:
        David Dweck
      • I have been a Notary Signing Agent for 3 years, and have a background in real estate of over 20 years. Here are my answers to your questions: 1. What are common problems or...

      • Public Submission
      • Posted:

        01/14/2014

      • ID:
        CFPB-2013-0036-0078
      • Organization:
      • Submitter Name:
        Jillian Hinrichs
      • General feedback that we have received from borrowers who close mortgage loans is that very few read the documents. The vast number of federal and state disclosures included in...

      • Public Submission
      • Posted:

        02/07/2014

      • ID:
        CFPB-2013-0036-0376
      • Organization:
      • Submitter Name:
        Philip Kneibert
      • As a Realtor and Associate Broker, I have attended closings for the past 15 years. To me,, the most confusing part of the closing process for buyers is the amount they need to...

      • Public Submission
      • Posted:

        01/07/2014

      • ID:
        CFPB-2013-0036-0026
      • Organization:
      • Submitter Name:
        Merry Holley
      • The new 1 minute time out rule on our computer sytem is hindering our work. I find myself logging back in 30 times an hour. This needs to be adjusted to a 5 minute time out. The...

      • Public Submission
      • Posted:

        02/06/2014

      • ID:
        CFPB-2013-0036-0362
      • Organization:
      • Submitter Name:
        Bruce Glaser
      • I am a licensed title insurance agent engaged in the business of mortgage closings since 1991. In addition I have 16 years of mortgage banking experience dating back to 1978...

      • Public Submission
      • Posted:

        01/24/2014

      • ID:
        CFPB-2013-0036-0187
      • Organization:
      • Submitter Name:
        Diane Cipa
      • What is needed is clear and concise quotes or at least estimates on what exactly the settlement charges are going to be at the time the settlement company receives or reviews the...

      • Public Submission
      • Posted:

        02/06/2014

      • ID:
        CFPB-2013-0036-0327
      • Organization:
      • Submitter Name:
        Georgene Quigley
      • As recognized by the request for information, the mortgage closing process can be very confusing for consumers and especially first time mortgage applicants. While the Good Faith...

      • Public Submission
      • Posted:

        01/06/2014

      • ID:
        CFPB-2013-0036-0006
      • Organization:
      • Submitter Name:
        Shin Chang
      • 1. Consumers seem to find the sheer volume of paperwork overwhelming. Add to that the very short amount of time provided between the receipt of paperwork by the title company and...

      • Public Submission
      • Posted:

        02/05/2014

      • ID:
        CFPB-2013-0036-0318
      • Organization:
      • Submitter Name:
        Julie Buckalew
      • I am a loan processor of 13 years in California. I have seen a number of changes in our industry over the past few years, made with good intentions in mind, but frankly most have...

      • Public Submission
      • Posted:

        02/11/2014

      • ID:
        CFPB-2013-0036-0430
      • Organization:
      • Submitter Name:
        Jacqueline Dumbrille
      • outlaw face to face closings-- too much stress require all closing documents including closing statements to be submitted to all parties at least 10 business days prior to closing...

      • Public Submission
      • Posted:

        01/07/2014

      • ID:
        CFPB-2013-0036-0025
      • Organization:
      • Submitter Name:
        Perry Armstrong
      • The process has become cumbersome overwhelming absurd and ineffective to fix a problem wall street was more a cause of and very small handfull of shady brokers. As usual the...

      • Public Submission
      • Posted:

        01/14/2014

      • ID:
        CFPB-2013-0036-0070
      • Organization:
      • Submitter Name:
        David Gold
      • 1. Since the revision of the settlement statement in 2010, there seem to be far fewer problems at the closing table due to the disclosures provided at time of application or...

      • Public Submission
      • Posted:

        01/14/2014

      • ID:
        CFPB-2013-0036-0109
      • Organization:
      • Submitter Name:
        Monique Shevlin
      • As a closer for years the hardest part was going into the closing to present the documents, seeing in the borrowers faces and by their reactions that what you were telling them was...

      • Public Submission
      • Posted:

        01/27/2014

      • ID:
        CFPB-2013-0036-0201
      • Organization:
      • Submitter Name:
        D. Palmer
      • Please, please, please help provide a more restricted, uniform closing process. I believe there is too much documentation, and far to many duplicate forms that should be eliminated...

      • Public Submission
      • Posted:

        02/04/2014

      • ID:
        CFPB-2013-0036-0275
      • Organization:
      • Submitter Name:
        Danielle Thomas-Franklin
      • QUESTIONS: …. 5. How empowered do consumers seem to feel at closing? NOT AT ALL. THEY DO NOT QUESTION TERMS IT SEEMS THEY SIMPLY FEEL THEY HAVE TO SIGN THESE DOCUMENTS TO GET...

      • Public Submission
      • Posted:

        01/23/2014

      • ID:
        CFPB-2013-0036-0177
      • Organization:
        ISBA Transaction Listserv
      • Submitter Name:
        DAWN WEEKLY
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