The Consumer Financial Protection Bureau (CFPB) is applauding HUD's move to let lenders accept electronic signatures on FHA mortgages. The decision "can help jumpstart the move towards a more seamless, paperless, and consumer-friendly process," said CFPB director Richard Cordray.
Last fall, the watchdog implemented its "Know Before You Owe" rule that helps consumers be more informed about the loan-shopping experience. And this month, it began accepting public comment on ways the loan settlement process can be improved.
"We commend HUD for taking this important step toward improving the mortgage closing experience for consumers," Cordray remarked. "Buying a home is one of the biggest financial decisions most people will make in their lifetimes, but navigating the complicated closing process can be a challenge."