KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market
Real Estate

Buyers' gripe at closing: Not enough review time

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.

Top Stories
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Listen to the show
Hear Real Estate Today on KIRO Radio
Join Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.

Sign up for breaking news e-mail alerts from
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.