Ready to chew off another portion? Here we go.
The CFPB wants the consumer to understand short term and long term costs, and monthly payments. No real change from our obligations at closing.
Consumers can shop for loan offers and closing costs. I’ll dive into this further as we chew.
Also, avoiding closing surprises by easier comparisons of estimates and final loan terms, more time to consider choices, and limits on closing cost increases is a goal.
It’s obvious that the legislators who wrote this are not from the southwest. I would guess that 90% of consumers want to know two things- how much, and when is the earliest we can close? These new regulations will certainly effect consumers, but not in a timely way.
Who will be blamed for delays? The title company. Not because of title to the property, but because the closing was delayed, commissions could not be paid and loans could not be made, until the consumer understands the process and can make changes.
It’s all our fault! While you chew on that, wait for the next chew.