Ben Olson Quoted in Inside Mortgage Finance Article, "CFPB Eyeballs Loan-Origination Process, Asks Consumers for Input on 'Pain Points' in Closing"Benjamin K. Olson
Ben Olson was quoted in the Inside Mortgage Finance article, "CFPB Eyeballs Loan-Origination Process, Asks Consumers for Input on 'Pain Points' in Closing" on January 16, 2014.
This project, which the bureau is calling “closing time,” is an outgrowth of the integrated mortgage disclosure project, according to Buckley Sandler counsel Ben Olson, former deputy assistant director in the office of regulations at the CFPB.
“One of the early goals of that rulemaking was to make the process of closing on a loan less burdensome for the consumer and preferably for the industry as well,” Olson said. “But the bureau learned over time that, while there was a lot that it could do with respect to the federal mortgage disclosures, there were many parts of the process – much of the paperwork in particular – that came from other sources, such as state law, investor requirements, and from other federal agencies.”
So while the bureau was committed to using its authority to do what it could in the mortgage disclosure rulemaking, “it also wanted to explore ways in which it could promote a closing process that is more electronic, and less burdensome to all of the different parties involved,” he added.