The Consumer Financial Protection Bureau wants to know how the closing process can be improved, and the comment period time is winding down. The bureau plans to use these comments to guide initiatives to make changes to closings. Many of the commenters who have written in believe that borrowers need to get information sooner and that they need to have better access to those who can answer questions. Other commenters think the CFPB is causing more problems for borrowers.
Of the people who have commented so far, there were many who suggested that the borrower should review the HUD-1 with someone before the closing. Some argue that lenders should be required to review the settlement statement with buyers at least 24 hours prior to closing and answer questions. Under Regulation X, the borrower can request to inspect the HUD-1 one day prior to closing, but there is no requirement that the document is reviewed before closing.
TO READ THE FULL STORY
Cover Story: