My $0.01 Be careful what you wish for.
Dance with the Devil and you may get thrown off the dance floor.
"Closings" were the realm of licensed professionals and attorneys, some states they still are.
Highly regulated, law school degrees, malpractice, continuing legal education, "easy to locate and sue," just go back to the "attorney and title insurance company employee closing" days. Signing Agents requiring regulation and licensing does not = higher fees. Did higher fees for signing agents come with "certification", multiple background checks, and insurance requirements; no, today's fees are lower than 2001.
Will all but eliminate complaints from consumers (aka borrowers) to CFPB about "signing agent problems at closing." Remember: The CFPB is not there to protect vendors and is not the Better Business Bureau. It's there to protect consumers - who got what they paid for and it's not the consumers problem if a subcontractor of a subcontractor of a subcontractor of a lender didn't get paid. |
