Closing On A Mortgage Isn’t Like Cramming For An Exam

The CFPB last week made news by publicly recognizing that borrowers felt overwhelmed in regard to the closing process. While the need for a technological solution is necessary, it is, respectfully, short sighted and naive to think that merely adapting the closing process can fix the problem. Indeed, the CFPB suggests that borrowers are overwhelmed by information and do not have enough time to review it in connection with closing. Before hurrying to completely redo the closing process, one has to wonder whether giving borrowers more time and/or a little less information at closing would actually resolve the situation in whole or part. Read Full Article on National Mortgage News

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