Notary Signing Agents are reacting positively to the Consumer Finance Protection Bureau’s proposed revisions to financial disclosure forms that are included in mortgage closing document packages.
“I believe these changes will help the industry and our profession,” a Signing Agent from Saginaw, Michigan, posted on LinkedIn.
“I like the new format,” posted a Los Angeles NSA.
The National Notary Association recently held two live webinars to brief NSAs about the changes. They can be viewed in the NNA’s webinar archives.
The simplified Good Faith Loan Estimate and Closing Disclosure forms attempt to make it easier for borrowers to understand the key terms of a loan, such as interest rates, monthly payments, loan amount and closing costs.
The two forms, required for all mortgages by the Truth In Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), currently contain similar information that is described in different terms, according to the CFPB. This often confuses consumers and industry employees alike, and leads to questions at the closing table that Notary Signing Agents are not allowed to answer.
By using plain language and reducing redundancy, the forms should make loans closings go more smoothly. The CFPB is seeking public commentregarding the proposed revisions. Signing agents and others have until November 6, 2012, to submit comments.