Legal Blog

Compensation and Compliance Matters: Closing Isn’t Like Cramming for an Exam

The CFPB last week made news by publicly recognizing that borrowers felt overwhelmed in regard to the closing process. While the need for a technological solution is necessary, it is, respectfully, short sighted and naive to think that merely adapting the closing process can fix the problem. Indeed, the CFPB suggests that borrowers are overwhelmed by information and do not have enough time to review it in connection with closing. Before hurrying to completely redo the closing process, one has to wonder whether giving borrowers more time and/or a little less information at closing would actually resolve the situation in whole or part. Click here to read the entire article. If you have any questions about the closing process please contact Ari Karen at: Bank Manager Reimbursementsakaren@offitkurman.com | 240.507.1740 | Ari Karen is an experienced litigator and speaker who has focused his practice in representing financial institutions in both government investigations and litigation before state and federal trial and appellate courts nationwide. Mr. Karen’s practice is diverse, representing clients on matters concerning banking regulations, Dodd Frank financial reform laws, contractual disputes, employment and labor statutes, wage-hour class actions, employment discrimination and fair lending matters, whistleblower complaints and non-competition claims, among others. You can also connect with Offit Kurman via FacebookTwitterGoogle+YouTube, and LinkedIn.