If you have ever applied for a mortgage, chances are at some point in the process you may have asked:
Is all of this paperwork really necessary?
After many years of working as a mortgage broker, consumers have commented to me that they find the paperwork confusing.
And although I understand the reasoning behind many of the documents that people are required to sign when applying for a mortgage, I have to admit ... It is confusing.
Enter the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau was formed as an independent bureau within the Federal Reserve System and is charged with empowering consumers with the information they need to make financial decisions that are best for them and their families. The CFPB is trying to promote fairness and transparency not only in mortgages, but also in credit cards and other consumer financial products and services.
Recently, President Obama has appointed Elizabeth Warren to serve as an Assistant to the President, and the Secretary of the Treasury has appointed her as a special adviser responsible for overseeing the development of the CPFB.
Here is what Elizabeth Warren has to say about your voice and how serious her team takes feedback about the mortgage paperwork from consumers and industry professionals as they work to simplify the process:
Your Voice Counts
I think it is safe to say that never before has a government organization reached out to consumers and asked for feedback when it came to simplifying the process of getting a mortgage. Here we have an organization who is asking for feedback.
Just like you.
Now is your chance to get involved and be heard about how to make the process of getting a mortgage more transparent and simple.
In my experience, the best ideas often come from those people who just need a little encouragement to speak up and share their ideas.
Just like you.