By Jann Swanson | Mortgage News Daily
The CFPB’s 2015 Annual Consumer Mortgage Experience report dealt with the major sources of dissatisfaction reported by homeowners with the origination, closing, and servicing processes of their mortgages. It found that escrow amount-related issues including inaccuracies of annual tax estimates and the settlement funds required at closing were among the more prevalent areas of complaint;
Almost 50 percent of all borrowers told CFPB they were only “somewhat familiar” with the amounts required at closing, a percentage that was even higher among first-time homebuyers. CoreLogic’s Dominique Lalisse says this reinforces the need for homebuyers to have clear disclosure of housing costs in the loan estimate.