After the new CFPB settlement procedures were enacted last year, many agents found themselves barred from looking at their clients’ Closing Documents due to the fact that these documents contain private information, also known as NPI (Non-Public Private Information). In a recent survey, National Association of Realtors found that more than half of agents countrywide were having difficulties gaining access to their clients’ Closing Documents. Lenders and Closing Agents often find their hands tied by the new regulations.(See citation from the Chicago Tribune)
Additionally, the following chart breaks down what is known as NPI, or Non-Public Private Information, which Lenders and Settlement Agents are not allowed to share with the public unless they have the abovementioned Authorization to Release Information.