· The CFPB is seeking 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 wants to encourage a more streamlined, efficient and educational closing process as the industry increases usage of technology, electronic signatures, and paperless processes.
· The next phase of the CFPB’s “Know Before You Owe” process aims to identify ways to improve the mortgage closing process for consumers.
· The CFPB is seeking information through 17 specific questions from market participants, consumers and other stakeholders who work closely with consumers in the mortgage closing process.
Comments are due to the CFPB on February 7, 2014 and may be filed directly with www.regulations.gov, identified by docket number CFPB-2013-0036. Comments may also be mailed or hand delivered to Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G. Street, NW, Washington, D.C. 20552. Please submit comments to CUNA by January 31, 2013.
For more information about this proposed rule, contact CUNA Deputy General Counsel Mary Dunn or Associate General Counsel Jared Ihrig.
Click here for the proposal.