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Consumer Financial Protection Bureau needs help

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profnot

41 Posts

Posted - 01/12/2014 : 12:18:27 PM

The Consumers Financial Protection Bureau (CFPB) is asking for information on what consumers find most problematic about the current loan closing process.

Send your comments now as the deadline is February 7, 2014.

This is your chance to tell the CFPB what borrowers hate about their loan closing process! Please help us help the consumers.

Start your submission at this webpage
http://www.regulations.gov/#!home

In the while field enclosed by the blue bar, write
Docket No. CFPB-2013-0036

On the new page, click on the blue text Request for Information Regarding the Mortgage Closing Process.

On the new page, type in your comments, add your name, then hit the Continue button in the lower right corner.

Click on "I read and understand the statement above."
Click on Submit Comment.

TEXT EXAMPLES

Here is a list of comments I have heard from borrowers over the years. I hope it sparks memories from your closings and helps you write your list to submit to the CFPB.

My name was spelled wrong on Deed and entire package needing to be redrawn when original package was already sent far later than promised.

Loan terms not as described by loan officer. Rate and closing costs were higher.

Requirement by lender that escrow/impound account be established for the payment of property tax and home insurance. This costs me money in 3 ways:
*Several months of taxes and insurance premiums are added to my loan principal. I am paying interest on that principal for the life of the loan.
*My money sitting in an interest-bearing account that pays interest to lender in addition to above.
*Less cash flow for me monthly.

My friend just got a reverse mortgage. There was nothing in the package about how the Affordable Care Act will affect his home's equity should he need medical care for which his insurance does not full cover and he does not have enough cash to pay. I want all reverse mortgages to provide easy to understand statements about how the Affordable Care Act will affect their Reverse Mortgage with simple examples. I also want to know how the Affordable Care Act affects me and my regular mortgage should I require expensive treatment my insurance does not fully cover. I want a clear statement with examples when I next refinance or purchase a home with a loan.

Large prepayment penalty when I was told there would be none.

I didn't like being told I couldn't use my usual, highly experienced notary. I was told I could only use one from the lender's or title company's database. The notary they sent me was new and did not know what she was doing. I would rather have chosen my own notary who has decades of experience with loan work. I asked my usual notary about why they wouldn't use her. She explained that lenders and title companies charge borrowers hundreds of dollars for the signing appointment and pays the notary only a fraction of that amount. They like to use new notaries because they accept lower fees. She says she only accepts assignments from reliable lenders and escrow companies who pay decent fees and timely. That is why she is not on some companies' data bases.

I was livid when I discovered the lender/title sent my closing package to the notary via unsecure email as a pdf attachment. They didn't even require a password. They might as well have sent my privacy information via post card for everyone to see.

My privacy was also violated when the documents were sent to the notary by a signing service (a personnel agency for notaries). I had thought my information was secure with the lender, title, and notary.

Several months after my loan closed, I received a call from the notary saying that she had not been paid. Title said they had sent payment to signing service. Notary said she never got check.

I was promised a fixed-rate loan. When I read the Note, the rate was fixed for 5 years only then went to adjustable. I refused to sign, of course, and made them correct the terms.

Lender told me it would take around 3 weeks to refinance my loan and to not make next month's payment. 7 weeks later, I was in trouble with my then-lender and was presented with a refinance loan with terms and costs worse than promised. My finances were tight and I needed to sign that bad loan even though I did not want to as I did not have the financial flexibility to start over with a new lender.

I had a bad experience with FAT, a title company, so I did not want to use them ever again. The real estate agent and lender said I was required to use FAT. Their work had mistakes, too. I found out later that I had a choice which was illegally denied me.

When I refinanced my home loan, I had to pay for title insurance. That amount added to the principal of my loan. I later discovered three things:
*The title insurance I purchased did not protect me in event of problems, it protected the lender.
*I could buy title insurance for myself. I was never offered this.
*The price for the title insurance was hugely marked up.
Why should I pay for insurance on a title company's work when I paid for their services? If they make an error, their malpractice insurance company should pay for it.

When I signed the papers to refinance my loan, I was told to date the documents 2 days before the date of signing. There was no notary present at the escrow office appointment. I was told the package would get notarized later in another part of the office.

Why does the Deed of Trust have to be so hard to understand? Can't they write in plain English?

Why can't I choose the Trustee who will hold my Deed of Trust? I saw that FAT will hold it and I do not want to have anything to do with FAT ever again.

I want my final loan package sent to me directly via FedEx or UPS to arrive 2-3 business days prior to my appointment with the notary. (I do not trust the internet as two of my websites were hacked and destroyed via a virus introduced via Yahoo. There is no such thing as secure socket any longer.) I want to be certain the terms and costs are correct and that my name is spelled correctly. If there are any errors, we have a day to correct them and get a new package sent.

I have read that escrow and title companies pay under the table fees to real estate agents and loan officers. If caught, they are fined. They just pay the fine and treat as a business cost. Kickbacks should be illegal and the lender / escrow business operating licenses be suspended when they are caught, not just pay a fine. I think it was 2007 or so when Stewart was sued for around $46million by the California government.
http://www.inman.com/2006/09/26/stewart-title-accused-engaging-in-captive-reinsurance-scheme/

I want to be able to Opt Out of allowing a lender/title company to share my privacy information with anyone. I want to check a box that says No Share at the appointment to sign the final package.

I want to deny my lender the right to do a "soft touch" credit check on me whenever they wish. They just want to sell me more loan products. I want to be the one to give permission to check my credit score on a one time only basis.

There is a highly experienced notary in my building. I want to use her and pay her directly. I do not want the notary fees on my loan's settlement statement because I would be paying interest on that fee for many years.

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