The CFPB issued a report regarding “pain points” for consumers in mortgage loan closings. Among other things, the CFPB noted that consumers feel (1) there is not enough time to review documents in advance of or during closing; (2) the amount of paperwork is overwhelming; and (3) closing documents are complex and often contain errors.
The CFPB issued a proposed rule regarding minimum requirements for appraisal management companies. These proposed rules would establish minimum requirements for states when implementing AMC registration.