Understanding the CFPB: Part 2

The broad scope of the Consumer Financial Protection Bureau’s authority affects the way it views a real estate transaction, as evidenced by some of the new language being adopted and made part of the real estate mortgage lexicon.

For instance, on CFPB-promulgated documents the borrower is now referred to as “the consumer.” The lender is “the creditor.” And when the deal is approved and finally ready to go, you won’t attend a closing; now, it’s “the consummation.” More...