Let your voice be heard! 

Now is the time to have your voice heard in Federal Decision Making. The Consumer Financial Protection Bureau (CFPB) seeks comments on consumer issues associated with the mortgage closing process. This initiative should increase consumer knowledge, understanding, and confidence at closing. 

I'm looking forward to a more streamline process and education coming from the settlement companies directed to the consumers. Lenders and Realtors educate consumers regarding the closing process prior to purchase. I find many settlement companies are not approaching consumers until after they are under contract. 

I know there is a fear of information overload; however, consumers need to know the closing process. For example fees, term, rates, who pays what, and a sample of the closing docs. How is this information brought to the consumer so it's less confusing and easily understood?

According to the National Association of Realtors the average price of a home is $207,000. Buying a home is the largest purchase most consumers will make in their lifetime. According to TrueCar.com the average price of a car is $31,252. Consumers know way more about car buying than home buying and a home is more than 6 times the cost of a car. A car is normally paid for within 3-5 years, most homes are generally 20-30 years. Great length of time to pay and a greater investment it's crucial that consumers understand before making this long term commitment. 

Do you recommend:

Providing the Settlement Statement 3 days prior to settlement?

Providing consumers a sample closing package at contract ratification?

The CFPB wants to hear your comments click here and let your voice be heard.