UNCATEGORIZED

Buyers’ gripe at closing: Not enough review time

Jan 27, 2014, 8:16 AM | Updated: Mar 4, 2016, 5:47 am

The Consumer Financial Protection Bureau has been gathering feedback from industry professionals and consumers on problems encountered during the home closing process. So far, more than 140 people have submitted comments online.

The biggest gripe so far this year centers on how little time borrowers usually have to review documents prior to closing.

“It is not the specific form, but the ingredients of the entirety of forms, the clock ticking, and the seriousness of the commitment of buying a home that applies so much stress the consumer does not know what to do but just ‘initial and sign here,’ ” wrote Mark McElroy, chief executive of RamQuest, a title production software company. “Let’s provide ample time during the closing process for consumers to be educated and review the necessary forms.”

Other complaints about the closing process that the CFPB has gathered so far involve excessive and redundant paperwork and confusion over the HUD-1 settlement statement and what it means, as well as lenders who don’t have documents ready in time, The New York Times reported.

The findings are similar to those found in J.D. Power’s annual survey on consumer satisfaction with mortgage lenders. The survey showed that consumers’ top complaints are not having enough time to review closing documents carefully and being unsure of how much money to bring to the closing table.

Uncategorized

kent trooper shot...

Kate Stone

Man faces multiple charges after WSP trooper shooting in Kent

A man accused of shooting a Washington State Patrol trooper multiple times in Kent last Friday has been charged.

1 month ago

Oregon Emergency Landing - (Elizabeth Le via AP)...

KIRO 7 News Staff

‘Everyone was eerily calm,’ recalls passenger aboard ill-fated Alaska Airlines flight

Terror in the skies: A Vancouver, Washington, woman shares the harrowing moments after an airplane blowout over Portland.

3 months ago

Photo: SPD vehicle...

KIRO 7 News Staff

Two men shot at bus stop in North Seattle near Northgate

Two men were shot at a bus stop along Aurora Avenue Wednesday, according to the Seattle Police Department.

5 months ago

Manuel Ellis arrest, Tacoma police officers...

Associated Press

Prosecutors focus on video evidence in trial of Washington officers charged in Manny Ellis’ death

A cellphone video of the 2020 fatal arrest of Manny Ellis shows the Black man on the ground with his hands in the air in surrender

6 months ago

...

No Author

EXPIRED: Win tickets to see Stokley at EQC!

KIRO Newsradio is giving you a chance to win two tickets to see Stokley at the Emerald Queen Casino on Saturday, November 11, 2023!

6 months ago

(File photo)...

L.B. Gilbert

NLRB files complaint against Amazon for unlawful confidentiality agreement

A new complaint from the National Labor Relations Board (NLRB ) is accusing Amazon of requiring some corporate employees to sign an unlawful confidentiality agreement. The complaint states Amazon had required a former employee from its drone project, Amazon Prime Air, to sign an agreement that forbade discussion of information regarding Amazon, whether or not […]

7 months ago

Buyers’ gripe at closing: Not enough review time