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-2013-0036-0205

    01/27/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0230

    01/29/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0219

    01/28/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0208

    01/28/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0330

    02/06/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0171

    01/23/2014

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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-2013-0036-0310

    02/05/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0066

    01/14/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0254

    02/04/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0221

    01/28/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0038

    01/08/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0044

    01/08/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0355

    02/06/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0111

    01/14/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0262

    02/04/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0389

    02/07/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0307

    02/05/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0309

    02/05/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0229

    01/28/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0050

    01/08/2014

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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-2013-0036-0034

    01/07/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0264

    02/04/2014

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    Feb 07, 2014 11:59 PM ET

    Public Submission

    CFPB

    CFPB-2013-0036-0370

    02/07/2014

      • Consumers and Closing 1. Common problems are still the lenders not issuing the FINAL CLOSING INSTRUCTIONS and documents in a timely manner to the closing agent to prepare and...

      • Public Submission
      • Posted:

        01/27/2014

      • ID:
        CFPB-2013-0036-0205
      • Organization:
      • Submitter Name:
        Christine White
      undefined
      • See attached file by: Consumer Advocates in American Real Estate is the only non-profit 501(c)3 charity dedicated to consumerism in the residential brokerage industry.

      • Public Submission
      • Posted:

        01/29/2014

      • ID:
        CFPB-2013-0036-0230
      • Organization:
        Consumer Advocates in American Real Estate
      • Submitter Name:
        Douglas Miller
      • First I want to say that I appreciate that the CFPB is asking for input. I encourage them to especially listen to the American Escrow Association, the American Land Title...

      • Public Submission
      • Posted:

        01/28/2014

      • ID:
        CFPB-2013-0036-0219
      • Organization:
      • Submitter Name:
        Lori Renberg
      • One mistake at closing that I caught (3 months later) was the real estate taxes. At escrow, the seller submitted a tax bill of $1200. Because he had purchased the house brand new...

      • Public Submission
      • Posted:

        01/28/2014

      • ID:
        CFPB-2013-0036-0208
      • Organization:
      • Submitter Name:
        Christopher Measom
      • REDACTED properties is having sellers make buyers use their I house title company, REDACTED. This is a respa violation Use the MLS to look at agent to agent comments and this...

      • Public Submission
      • Posted:

        02/06/2014

      • ID:
        CFPB-2013-0036-0330
      • Organization:
      • Submitter Name:
        Concerned Broker
      • I applied for a REDACTED promotional offer in early April 2013 to refinance a jumbo mortgage (over $600,000) on my principal residence. I was a repeat customer with an unblemished...

      • Public Submission
      • Posted:

        01/23/2014

      • ID:
        CFPB-2013-0036-0171
      • Organization:
      • Submitter Name:
        Patricia Pickett
      • 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
      • In CA, the signing is done several days prior to the closing, but the loan agents want the borrowwer to think that the signing is the closing. When the loan agent tells the...

      • Public Submission
      • Posted:

        02/05/2014

      • ID:
        CFPB-2013-0036-0310
      • Organization:
      • Submitter Name:
        Escrow Officer
      • From the perspective of someone who has run a family owned and operated title company for 10 years now, I just thought I'd provide my feedback as to the unintended consequences of...

      • Public Submission
      • Posted:

        01/14/2014

      • ID:
        CFPB-2013-0036-0066
      • Organization:
      • Submitter Name:
        Emilio Alonso
      • Most consumers don't understand all the fees listed on the loan docs & title company personnel don't have any 'ready' answers. As a Housing Counselor I've attended the signing of...

      • Public Submission
      • Posted:

        02/04/2014

      • ID:
        CFPB-2013-0036-0254
      • Organization:
      • Submitter Name:
        Susz Lay
      • I'm a settlement agent for over 15 years and the last change just made things more complicated for the consumer. The form needs to be simple for all to understand, all the extra...

      • Public Submission
      • Posted:

        01/28/2014

      • ID:
        CFPB-2013-0036-0221
      • Organization:
      • Submitter Name:
        Elia Fuentes
      • I am a closing agent and have been for over 30 years. Very frustrating to me in this day is that loan documents arrive and once everyone knows they are now in escrow (not even...

      • Public Submission
      • Posted:

        01/08/2014

      • ID:
        CFPB-2013-0036-0038
      • Organization:
      • Submitter Name:
        Debbie Owens
      • As an attorney who focuses his practice in real estate and the owner of a title agency, I can say that the buyer, real estate agent, lender all view the role of the settlement...

      • Public Submission
      • Posted:

        01/08/2014

      • ID:
        CFPB-2013-0036-0044
      • Organization:
      • Submitter Name:
        Richard Lawrence
      • Dear Financial Protection Bureau, I have been assisting a friend in the settlement of a mortgage loan. Our friend has been hit financially as many others have. In addressing the...

      • Public Submission
      • Posted:

        02/06/2014

      • ID:
        CFPB-2013-0036-0355
      • Organization:
      • Submitter Name:
        Karen DeBolt
      • PLEASE, PLEASE, PLEASE understand that in (especially) a wet funding state, things can change the day of closing. The water meter gets read, there is a repair that needs to be...

      • Public Submission
      • Posted:

        01/14/2014

      • ID:
        CFPB-2013-0036-0111
      • Organization:
      • Submitter Name:
        Fred Glick
      • Simply want to say that Quicken Loans does it right.

      • Public Submission
      • Posted:

        02/04/2014

      • ID:
        CFPB-2013-0036-0262
      • Organization:
      • Submitter Name:
        Ardel Richter
      • Hello, My wife and homeowners, and during the last ten years we have completed two purchases, and four re-financings. We have been subject to a number of irregular practices...

      • Public Submission
      • Posted:

        02/07/2014

      • ID:
        CFPB-2013-0036-0389
      • Organization:
      • Submitter Name:
        Michael Tucker
      • 1. Most common problem seem to be who is the person to go to regarding property issues vs. loan issues on a purchase transaction. When does closing and funding actually take...

      • Public Submission
      • Posted:

        02/05/2014

      • ID:
        CFPB-2013-0036-0307
      • Organization:
      • Submitter Name:
        Mark Meath
      • In reviewing other comments, I am GRATEFUL that North Carolina requires attorneys to handle the closings. I hope we never have title companies being the face of the closing. In...

      • Public Submission
      • Posted:

        02/05/2014

      • ID:
        CFPB-2013-0036-0309
      • Organization:
      • Submitter Name:
        J Smith
      • Docket No. CFPB-2013-0036 - Closing Documents I have been in the real estate industry since 1981 as a settlement agent in the Southern California area. I have lived through...

      • Public Submission
      • Posted:

        01/28/2014

      • ID:
        CFPB-2013-0036-0229
      • Organization:
      • Submitter Name:
        C Roberts
      • I a a Real Estate Broker for over 40yrs and a Mortgage Broker since 1995 in California. #! It appears that CFPB does not recognize that we do business differently in California...

      • Public Submission
      • Posted:

        01/08/2014

      • ID:
        CFPB-2013-0036-0050
      • Organization:
      • Submitter Name:
        Caryl Iseman
      • 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
      • I am a certified notary signing agent, and am concerned by the self-governing Signing Professionals Workshop that has been created by the National Notary Association. The SPW...

      • Public Submission
      • Posted:

        01/07/2014

      • ID:
        CFPB-2013-0036-0034
      • Organization:
      • Submitter Name:
        John hildenbrand
      • I began my Real Estate closing practice in 1988. Realtors had not long before been performing their own closings. Things have come full circle and with the enormous acceptance of...

      • Public Submission
      • Posted:

        02/04/2014

      • ID:
        CFPB-2013-0036-0264
      • Organization:
      • Submitter Name:
        John Lee
      undefined
      • See attached file(s)

      • Public Submission
      • Posted:

        02/07/2014

      • ID:
        CFPB-2013-0036-0370
      • Organization:
        Texas Land Title Association
      • Submitter Name:
        Joe Grealish
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