The Washington Post is reporting that the U.S. Consumer Financial Protection Bureau (CFPB) has acknowledged problems associated with its attempt last fall to add more transparency to the home loan closing process and is now seeking public input on how to fix them. Title companies and real estate agents have complained about the confusion and inconsistency brought on by these new “Know Before You Owe” rules, which took effect last Fall. Reform proposals will be published in the Federal Register and comments from the public will be considered (how nice of them). Then, at some point, the CFPB will issue a “final rule” with the issues they chose to address. Stay tuned…
“Real estate agents, accustomed to receiving a copy of the now-phased-out HUD-1 settlement before closing, said they feel stymied by lenders refusing to provide them with copies of the closing disclosure. Since implementation of the new rule, more than 50 percent of agents reported problems with getting closing documents, according to a National Association of Realtors (NAR) study in January.”
Click here to read the full story on washingtonpost.com.
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