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Latest News: Compliance

CFPB Seeks Comment on Mortgage Closing Process

Thursday, January 23, 2014   (0 Comments)
Posted by: Susan Dyer
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The Consumer Financial Protection Bureau [CFPB] is planning to develop a more streamlined, efficient mortgage closing process and is seeking comment from those who work closely with members. Closing can be stressful and confusing, and the CFPB wants to test and study various ways in which the process can be improved, particularly with the usage of technology, electronic signatures and paperless processes.

They have issued a Notice and Request for Information seeking input on 17 questions, including common problems and errors at closing, what documents members find confusing and member resources.

CUNA is drafting a comment letter to send on behalf of credit unions and is seeking feedback from credit unions on this issue. CUNA has set up a survey which must be completed by January 31, 2014. KCUA encourages all credit unions to take a few minutes to take the survey and provide feedback on this important issue.