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We held a forum to discuss the mortgage closing process. The event featured remarks by Director Richard Cordray and Housing and Urban Development Secretary Shaun Donovan. The forum also included a panel discussion with CFPB staff, consumer and industry groups, and comments from the public.

The live event has now ended, but a recording of the event is available below.

  • Anonymous

    Consumer compliant No. 1: Not enough time to review the documents. What do you expect when the title agency is still completing the HUD-1 as the parties arrive for the closing?

    Consumer complaint No. 2: Overwhelming stack of paperwork: The whole loan file is sometimes over 500 pages, per investor requirements. Investors want the underwriter to talk to your dead relatives if they left trust money for the down payment or closing costs. Good luck with this one.

    Consumer Complaint No. 3: Complexity of documents and errors: Take almost any 500 page book off the shelf at the library, and you will find a few grammatical or spelling errors. You cannot expect less in a mortgage file.

  • Noah

    Hi, when and where can we expect the event recording to be available?

    • Meridith Hamar

      ditto

    • http://www.consumerfinance.gov CFPB Web Team

      Hi Noah, the recording is available now.

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