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Update Will Provide More Clarity Regarding Closing Cost Increases

Changes Will Provide More Clarity, Preserve Protections for Consumers

Report Discusses Current Approaches and Business Case for Diversity and Inclusion

The Consumer Financial Protection Bureau (CFPB) today proposed updates to its Know Before You Owe mortgage disclosure rule. The proposed amendments are intended to formalize guidance in the rule, and provide greater clarity and certainty. 

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 […]

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. […]

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 […]

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.

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.

The Consumer Financial Protection Bureau (CFPB) 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.