Regulation

CFPB requests comment on challenges in mortgage closing process

cfpbThe CFPB requested on Friday public comment on the key challenges faced by consumers in mortgage closing and how the challenges could be addressed with innovation and technological developments.

Comments are due on or before Feb. 7.

“The CFPB seeks to encourage the development of a more streamlined, efficient and educational closing process as the mortgage industry increases its use of technology, electronic signatures and paperless processes,” the notice in the Federal Register reads.

The CFPB said the next phase of its Know Before You Owe program seeks “to identify ways to improve the mortgage closing process” for American consumers.

“This notice seeks information from market participants, consumers and other stakeholders who work closely with consumers,” the notice reads. “The information will inform the CFPB’s understanding of what consumers find most problematic about the current closing process and inform the CFPB’s vision for an improved closing experience.”

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