“On the old forms, the information is there, but it’s hidden. These forms were made by different groups and at different times. The new forms will make the transparency more visible and more understandable,” says Stone.
The upcoming Loan Estimate and Closing Disclosure forms were designed by the bureau based on feedback from consumers that was received after many consultations. The results are now being brought to the industry for possible implementation.
“Lenders are understanding that with the Ability to Repay and Qualified Mortgage (QM) rules coming into play, they are now competing on price and the closing experience, which is becoming much more important. They want to improve that experience for the consumer,” adds Stone.
In accordance with the CFPB’s efforts, whose stated goal is to make sure consumers have the information they need to choose the financial services that are best for them, the consumers’ right to find and choose a reputable title insurance provider remains of the highest importance. Thankfully, this task is made easier today due to the prevalence of the Internet and our age of information.