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-2013-0036-0415

    02/11/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0413

    02/11/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0420

    02/11/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0142

    01/16/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0424

    02/11/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0438

    02/11/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0098

    01/14/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0202

    01/27/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0114

    01/14/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0008

    01/06/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0455

    02/20/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0040

    01/08/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0047

    01/08/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0416

    02/11/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0172

    01/23/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0023

    01/06/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0447

    02/12/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0440

    02/11/2014

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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-2013-0036-0302

    02/05/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0206

    01/27/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0030

    01/07/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0286

    02/04/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0301

    02/05/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0009

    01/06/2014

      undefined
      • See attached file(s)

      • Public Submission
      • Posted:

        02/11/2014

      • ID:
        CFPB-2013-0036-0415
      • Organization:
        The Electronic Signature and Records Association
      • Submitter Name:
        Joseph Comizio
      undefined
      • NCRC's response to the CFPB's RFI regarding the real estate closing process.

      • Public Submission
      • Posted:

        02/11/2014

      • ID:
        CFPB-2013-0036-0413
      • Organization:
        National Community Reinvestment Coalition
      • Submitter Name:
        John Taylor
      undefined
      • See attached file(s)

      • Public Submission
      • Posted:

        02/11/2014

      • ID:
        CFPB-2013-0036-0420
      • Organization:
        Attorneys' Title Guaranty Fund Inc.
      • Submitter Name:
        Peter Birnbaum
      • As a title and escrow company, we see delays of getting loan docs, funding and conditions met to ultimately delay the closing of the transaction continually. However, my comment...

      • Public Submission
      • Posted:

        01/16/2014

      • ID:
        CFPB-2013-0036-0142
      • Organization:
      • Submitter Name:
        Daniel Fauth
      • I am the manager of a closing department for a correspondent lender and also a notary public in California, which is an escrow state. I am able to observe transactions from both...

      • Public Submission
      • Posted:

        02/11/2014

      • ID:
        CFPB-2013-0036-0424
      • Organization:
      • Submitter Name:
        Kirsten Bassett
      undefined
      • Please accept these revised comments from the Consumer Bankers Association in response to Docket No. CFPB-2013-0036. This comment letter is intended to replace the one I sent you...

      • Public Submission
      • Posted:

        02/11/2014

      • ID:
        CFPB-2013-0036-0438
      • Organization:
        Consumer Bankers Association
      • Submitter Name:
        Jeff Bloch
      undefined
      • Mr. D’Angelo, Thank you for providing the opportunity to provide responses to your questions regarding the mortgage closing process. I am prefacing my responses with some...

      • Public Submission
      • Posted:

        01/14/2014

      • ID:
        CFPB-2013-0036-0098
      • Organization:
      • Submitter Name:
        Mark McElroy
      • Dear CFPB, My comments are in the form of a response or questionnaire given to me and my spouse after re-financing our primary residence. REDACTED is the re-financing party or...

      • Public Submission
      • Posted:

        01/27/2014

      • ID:
        CFPB-2013-0036-0202
      • Organization:
      • Submitter Name:
        Tom Bergendahl
      • I have been a Realtor for over 15 years and I believe here in my local area, including Chicago and the North Shore, the main problems I see at closing are the higher title fees and...

      • Public Submission
      • Posted:

        01/14/2014

      • ID:
        CFPB-2013-0036-0114
      • Organization:
      • Submitter Name:
        Matt Silver
      • I have lived in both California and North Carolina and have purchased and refinanced in both states. It was very confusing to me that the process could vary so much between states...

      • Public Submission
      • Posted:

        01/06/2014

      • ID:
        CFPB-2013-0036-0008
      • Organization:
      • Submitter Name:
        Carol Flinn
      undefined
      • See attached comment letter.

      • Public Submission
      • Posted:

        02/20/2014

      • ID:
        CFPB-2013-0036-0455
      • Organization:
      • Submitter Name:
        Salud Dacumos
      • At closing our mortgage representative was forced to dosclose that she "forgot" to lock our loan rate. Instead of 3.75% our loan was closed at 4.75%. Our monthly payment went up...

      • Public Submission
      • Posted:

        01/08/2014

      • ID:
        CFPB-2013-0036-0040
      • Organization:
      • Submitter Name:
        John Sundquist
      • I am a mobile notary public, certified loan closing agent in the Metro Detroit area. One of the only issues I have is that the borrower needs to get a copy of the HUD, TIL, Note...

      • Public Submission
      • Posted:

        01/08/2014

      • ID:
        CFPB-2013-0036-0047
      • Organization:
      • Submitter Name:
        Patti Matsumoto
      undefined
      • See attached file(s)

      • Public Submission
      • Posted:

        02/11/2014

      • ID:
        CFPB-2013-0036-0416
      • Organization:
        Missouri Credit Union Association
      • Submitter Name:
        Don Cohenour
      • My home sold in Worcester, MA and closed July 28th, 2013. Prior to putting my home on the market, reviewed current regs in MA, hired an attorney to help with closing and...

      • Public Submission
      • Posted:

        01/23/2014

      • ID:
        CFPB-2013-0036-0172
      • Organization:
      • Submitter Name:
        Ruth Miller
      • 1. What are common problems or issues consumers face at closing? What parts of the closing process do consumers find confusing or overwhelming? Clients are unfamiliar with the...

      • Public Submission
      • Posted:

        01/06/2014

      • ID:
        CFPB-2013-0036-0023
      • Organization:
      • Submitter Name:
        Toni-Ann Fischetti
      • Dear CFPB, Part two of the submission by Laura Vestanen. I am a notary signing agent who has been to thousands of closings over many years. Below are some of the complaints...

      • Public Submission
      • Posted:

        02/12/2014

      • ID:
        CFPB-2013-0036-0447
      • Organization:
      • Submitter Name:
        Laura Vestanen
      undefined
      • See attached file(s)

      • Public Submission
      • Posted:

        02/11/2014

      • ID:
        CFPB-2013-0036-0440
      • Organization:
      • Submitter Name:
        Beulah Stidham
      • 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
      • * Information not segmented in areas to ease familiarity (Financial information, Note, Responsibility), * Often the closing is left in the hands of the title representative who...

      • Public Submission
      • Posted:

        02/05/2014

      • ID:
        CFPB-2013-0036-0302
      • Organization:
      • Submitter Name:
        M Terry
      • I am a currently a Community Bank Compliance Officer and have spent decades involved in residential mortgage lending. One of the most frustrating aspects of closing documents for...

      • Public Submission
      • Posted:

        01/27/2014

      • ID:
        CFPB-2013-0036-0206
      • Organization:
      • Submitter Name:
        Marie Charest
      • Some of the Banks including B. Of A. make it very hard to close on many of the properties they control.

      • Public Submission
      • Posted:

        01/07/2014

      • ID:
        CFPB-2013-0036-0030
      • Organization:
      • Submitter Name:
        Tim Anonymous
      • Common problems facing consumers at closing are (1) after 30-60 days of waiting, the lender approves the loan and the consumer is rushed to the closing table within 24 hours and (2...

      • Public Submission
      • Posted:

        02/04/2014

      • ID:
        CFPB-2013-0036-0286
      • Organization:
      • Submitter Name:
        Randall Bradley
      • As a member of ALTA, we request that you give extra consideration to the positions taken by ALTA in regards to these matters. Our company, Escrow Accounting Solutions, focuses...

      • Public Submission
      • Posted:

        02/05/2014

      • ID:
        CFPB-2013-0036-0301
      • Organization:
      • Submitter Name:
        Joshua Williams
      • My report: In 2003, I received a refinance from REDACTED. My loan officer was REDACTED, an experienced mortgage broker. Even though I had over $70,000, a "pristine" credit history...

      • Public Submission
      • Posted:

        01/06/2014

      • ID:
        CFPB-2013-0036-0009
      • Organization:
      • Submitter Name:
        Rudoloph Schuster
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