WASHINGTON (1/6/14)--Consumers can now forward their mortgage closing "pain points" to the Consumer Financial Protection Bureau, and suggest how their particular pain points might be addressed by market innovations and technology, through a link on the CFPB website, consumerfinance.gov.
The bureau said it wants to hear from consumers or the realtors, settlement closing agents, attorneys, financial counselors and others who work closely with consumers during the closing process.
Credit Union National Association Deputy General Counsel Mary Dunn said CUNA will be working with its consumer protection subcommittee and lending council to provide information to the CFPB that will demonstrate credit unions perform their role in the home mortgage loan closing process well.
The information provided will be used to research and test solutions that address some of the biggest pain points associated with closing on a mortgage, both for consumers and for professionals. Comments will also be used as the CFPB finds ways to improve the closing process.
Comments must be received by Feb. 7.
For more, use the resource link.