Posted by Linda_in_IN on 11/20/13 11:16am
Msg #493405

live stream: Know before you Owe-Mortgages field hearing

Sorry, just found this link. Anyone else watching the live feed? Supposedly there will be a recording of the event will be available after the event.

So far, dealing with how to make process more "friendly" for the consumer, rather than how the notary is impacted or would impact the process.

http://www.consumerfinance.gov/blog/live-from-boston/

Reply by Linda_in_IN on 11/20/13 11:57am
Msg #493413

Update: Know before you Owe-Mortgages field hearing

Apologies to those who are already aware.

The hearing when I joined the stream was with a panel discussion of about 6 individuals from various mortgage/finance organizations. The stream lasted almost 90 minutes. Q&A after didn't have any questions/comments that seemed to be of substantial interest.

Apparently there are changes proposed to the HUD/TIL to "enhance" the process of borrowing for the consumer with the end result making the process of buying a home easier and less hassle. Also mentioned and discussed were the myriad of disclosures currently used or deemed necessary. I got the impression that it is the intent of this group to consolidate or do away with some of those disclosures. These changes are to be rolled out in approximately 21 months. I didn't get into the presentation at the start, so if specific changes were discussed I didn't hear them.

The next step the CFPB will have is Know Before You Owe: Transforming the Closing Process. Again, the intent is to make the process more streamlined and easier for the consumer. Think more information up front. One panelist (don't remember name, didn't get organization either) noted his main concern was a set of documents over 2 inches thick; also attorneys who just turned pages and told borrowers where to sign.

One inference made several times was "electronic documents and other revolunatary ways" to improve the closing process for the consumer.