CFPB Seeks Comment on Improving Closings

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The Consumer Finance Protection Bureau (CFPB) is asking the public for comments about the real estate transaction closing process. The CFPB’s goal is to make the mortgage process safer and with fewer surprises for buyers. The deadline for submitting comments is February 7, 2014. You can find the CFPB’s official “Request for Information” here. This is an opportunity for real estate professionals to offer their experiences and their expertise to help improve the closing process for all involved. CFPB intends to share the results of the comment period with the public prior to any possible rulemaking that may result from its findings.

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2 responses to “CFPB Seeks Comment on Improving Closings

  1. John D says:

    The first thing you need to do is break up the affilated business arrangements that the real estate, mortgage companies and title companies have here in Ohio and put competition back into the home buying process. These arrangements have increased the cost to the consumer over the last 10 to 15 years. When you take competition out of the process, prices will rise and service will decline because the companies do not have to work for the business. The business is fed to these affilated companies by the real estate agents who receive a direct monetary benefit or their real estate brokerage does. Real estate agents today fight with each other over who the title company will be in a transaction because of the relationship they have with a particular title company. When the consumer comes to the closing table they are suprised by some of the fees associated with the closing, once again without competition costs increase. These costs and fees are not disclosed to the consumer prior to an agreement being signed and they are not told they have a right to show for these services.

  2. Gail says:

    Create a new HUD statement that isn’t so confusing. As a Realtor, I have difficulty figuring these out, so it must be very difficult for our clients to make sense of them.

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