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Category: Press release |
Published

CFPB Releases New Tools as Part of Know Before You Owe Mortgage Initiative

Tools Provide Additional Shopping Help for Consumers as New Mortgage Disclosure Rule Takes Effect WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is releasing new online tools as part of its Know Before You Owe initiative aimed at helping consumers navigate the mortgage process. The tools provide an interactive, step-by-step overview of the […]

Category: Press release |
Published

Press Kit for the Know Before You Owe Mortgage Disclosure Rule

The Dodd-Frank Wall Street Reform and Consumer Protection Act directed the CFPB to combine certain federal mortgage disclosures that consumers receive when taking out a mortgage. In November 2013, after extensive testing of the new forms, the CFPB finalized the combined, easier-to-understand new Know Before You Owe mortgage disclosures, the Loan Estimate and Closing Disclosure. […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the CFPB Forum on eClosings

Thank you all for joining us today. We have convened this forum to discuss the results of our pilot project on electronic mortgage closings, which are known as “eClosings.” What we found was that consumers who closed their mortgage using an electronic platform were better off on measures of understanding, efficiency, and feeling empowered. At […]

Category: Press release |
Published

CFPB Announces Mortgage EClosing Pilot Participants

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today announced the selection of participants for its mortgage eClosing pilot program. The three-month pilot will begin later this year, and will explore how the increased use of technology during the mortgage closing process could affect consumer understanding and engagement and save time and money for consumers, lenders, and other market participants.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Mortgage Closing Forum

Thank you all for joining us today. We have convened this forum to discuss one of the most significant, yet stressful times in the lives of consumers – mortgage closing time. Mortgage closing comes after the neighborhoods have been scoured. Schools have been evaluated. Countless websites have been perused. Wish lists were made and deal breakers considered. But finally, a home has been found. An offer was made and accepted. The consumer has applied for and been approved for a mortgage – hopefully after careful shopping and thoughtful evaluation of the future. Now it is down to the final hours before the consumer can take ownership of the new home, and standing between the consumer and those keys is a mountain of paperwork.

Category: Press release |
Published

CFPB Report Highlights Pain Points for Consumers in Mortgage Closing Process

Bureau Releases Guidelines for New eClosing Mortgage Pilot Project Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today published a report which finds that many consumers are frustrated by the short amount of time they have to review a large stack of complex closing documents when finalizing a mortgage. The Bureau also released guidelines […]