WASHINGTON (4/15/14)--Consumer groups, the general public and financial services industry representatives will discuss the mortgage closing process with the Consumer Financial Protection Bureau in an April 23 forum in Washington.
The forum is scheduled to begin at 1:30 p.m. (ET) and will feature remarks from CFPB Director Richard Cordray and others. The event will also be streamed live on the CFPB's blog.
The CFPB earlier this year asked consumers, realtors, settlement closing agents, attorneys, financial counselors and others to provide their mortgage closing "pain points" and suggest how those particular concerns might be addressed by market innovations and technology.
The Credit Union National Association, in a letter to the CFPB, said credit union members are often overwhelmed with the sheer amount of paperwork required and the number of disclosures they receive at closing. CUNA suggested that many closing documents could be consolidated.
While many borrowers feel helpless at closing, credit unions have suggested that clearly laid out, simplified financial information about the transaction would aid the borrowers and lenders. The agency said it plans to research and test solutions that would address certain closing issues.
For the CUNA comment letter and more on the planned CFPB session, use the resource links.