by Michael H. Wasserman, Attorney at Law
The National Association of Realtors is reporting that our Consumer Financial Protection Bureau (CFPB) is asking for feedback on the most stressful, confusing, and problematic areas for consumers when it comes to the closing process in a home purchase.
Responses must be submitted on or before Feb. 7.
The agency is hoping to identify the main consumer “pain points” at closings as part of its “Know Before You Owe” initiative, which is aimed at improving the mortgage process for consumers.
CFPB is also looking for answers to 17 specific questions about closings and consumer preparation, common errors, the role of other parties in the process, and about consumers’ comfort with the overall closing process. The public is encouraged to comment on the common problems consumers face at closing; where consumers turn for advice during closing; and what documents and terms are the most confusing during the process.
The CFPB is collecting comments not just from consumers but also real estate professionals, settlement agents, mortgage lenders, housing counselors, real estate attorneys, and others with a stake in the closing process.
To comment online, visit the Federal Register
For more information on submitting responses, visit What Are Your Gripes About Closings?