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September 04, 2012

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Comments

Joan Whittaker

I have several concerns about the rule change:
1. Who is going to enforce the three day rule and how?
2. There was no place on the proposed for for the sellers' signatures.
3. It appears that this will put smaller title companies out of business as banks can just create their own closing departments. Not a good idea at a time when we need to create more jobs - especially in the floundering real estate related industries.
4. Software companies will have to revise their closing programs at a significant cost - which they will probably pass on to their users increasing costs for everyone.
5. This change will be even more confusing to consumers than the current GFE is.
6. Sellers' do not need to know the terms of a buyers' financing.

Steve Van Beek

Joan,
Very good comments. The silver lining is that comments like yours should help inform the CFPB prior to their issuance of final rules. Hopefully the comments have a meaningful impact. Thanks again for the comments.

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