While the oversights have largely been designed to help home buyers, the kinks in the system can be an emotional-and financial-drain. For example, the waiting period can cause problems for lenders and buyers who need to close quickly.
"It can cause issues for people that have unique time constraints," says Crouch. "In transactions that have a short closing deadline, we are forced to order the appraisal, survey, and home owners association resale certificate earlier in the process so we can meet the closing deadline." The effect sometimes costs buyers more money if the sale doesn't go through. "In the past, we would wait to order each service or report after we received the last, so if there were an issue with one, we would find out about it before too much of our client's money was spent in case the transaction didn't close," Crouch adds.
Other times, regulation just seems unnecessary (and annoying) for everyone.
"The CFPB definitely needs to be altered. There are things that could be a little bit more thought out or eliminated," says Chastin Miles, a Realtor with Rogers Healy and Associates in Dallas. "For example, when an individual has to fax something to the lender, if it's being faxed from a third party-Kinkos, Office Depot, wherever-there needs to be an actual letter attached to the fax from the consumer saying they went to Office Depot, used their fax machine and sent the paperwork in."