Profile: wburfeind
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What's Happening Now
August 11, 2012 12:42 pm
Welcome to Regulation Room, wburfeind, and thank you for sharing your experience. The disclosures required during a home mortgage refinancing are not at issue in this proposed rule. However, CFPB is proposing additional rules related to the disclosures required before closing. You can read more about them at CFPB’s website and comment on them here. As someone who has a mortgage, what do you think of CFPB’s proposed mortgage servicing rules and, in this case, the proposal on how to handle error claims?
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I’ve registered as a consumer but to be clear I’m an attorney who has done real estate closings though it was never a practice area. Further, my comments that follow are admittedly not directly on point for this section but of the section choices this seemed the closest to my concern.
Two weeks ago I closed my own mortgage refinancing simply to get a much better interest rate. The closing documents totaled 127 pages, exclusive of the title report and home appraisal. The closing documents required approximately thirty signatures, and initials on almost every remaining page. So much of the information was repetative. My closing took an hour and a half and I (presumably) understood what I was doing. If I was representing someone, particularly the buyer, who wanted each document… more »
Now, in my case, I recognized that not all these documents were required by regulation for consumer protection. Nevertheless, a simple home mortgage refinancing should not require 127 pages to protect all parties with an interest in the transaction.
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