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U.S. consumer bureau to test electronic mortgage closings [April 24, 2014] WASHINGTON (Reuters) — Borrowers seeking to buy a new home say they often do not have time to read final mortgage documents and sometimes find mistakes in their paperwork, the U.S. consumer watchdog said in a report on Wednesday. |
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The Consumer Financial Protection Bureau said it
plans to help alleviate this confusion by testing electronic
mortgage closing techniques that would give consumers more time
to look over documents and make it easier to spot errors. "We strongly believe that electronic closing solutions ... can
lead to more knowledgeable consumers and a much better process
for everyone involved," Richard Cordray, the bureau's director,
said in prepared remarks for an event in Washington. Some of the problems in the closing process could be addressed
by mortgage disclosure rules the consumer bureau has already
proposed, regulators said. The pilot would launch later this
year with the goal of finding ways to make mortgage closings
more efficient and minimizing surprises for borrowers, the
bureau said. Technology vendors and lenders can partner to submit proposals
if they want to be part of the pilot test, the bureau said. (Reporting by Emily Stephenson; editing by Nick Zieminski) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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