We asked readers who they thought was the main culprit behind problems that arise during closing. 72% of respondents cited lenders as the main problem.
Our poll is meant to gather further information on common closing issues. The Consumer Financial Protection Bureau (CFPB) is calling for comments from real estate professionals on how to make the closing process more manageable for homebuyers.
Some common lender issues include:
- providing loan documents with very little time left before the end of the escrow period, leaving homebuyers with little time to review the documents prior to signing;
- failing to review potential title conditions until just before closing, causing delays in the closing process; and
- a change in the homebuyer’s credit score, employment or available funds to close.
What are some of your common lender hang-ups experienced during closing? Share your comments below and first tuesday will aggregate responses, to be submitted to the CFPB on February 7, 2014 at the Federal Register.
