August 7, 2015
Friday’s Government Reports
- The Consumer Financial Protection Bureau’s (CFPB) “Leveraging technology to empower mortgage consumers at closing” found that consumers would benefit from electronic closings. Results indicate that those consumers who completed a closing on an electronic platform had a superior experience with regard to understanding, efficiency, and feeling empowered compared to borrowers who used paper forms.
- The Federal Housing Finance Agency (FHFA) released its monthly interest rate survey for June 2015. The average interest rate was up 10 basis points from 3.75 to 3.85% from may to June. Many lenders use this rate to reset the interest rate on some ARMs.