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Consumers, industry urged to comment on real estate closing process
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Consumer Protection
Wednesday, January 8, 2014
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The Consumer Financial Protection Bureau (CFPB) officially launched a public outreach effort as part of a plan to streamline the real estate closing process. The agency released a Federal Register notice, urging consumers and industry participants to identify key “pain points” associated with real estate closings.
The CFPB said in its Jan. 3 notice that it seeks to encourage the development of a more efficient and educational closing process as the mortgage industry increases its use of technology, electronic signatures and paperless processes. The bureau said the information it hopes to gather from market participants, consumers and other stakeholders who work closely with consumers will help the agency understand elements of the current closing process that consumers find most problematic. The comments will also “inform the CFPB’s vision for an improved closing experience.”
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