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Friday, August 22, 2014

CFPB Announces Mortgage EClosing Pilot Participants

The CFPB announced the participants of the eClosing pilot program. EClosing solutions, part of the CFPB’s “Know Before You Owe” mortgage initiative, is meant to leverage technology to ease the mortgage closing process. The pilot will evaluate eClosing solutions, allowing the CFPB to conduct targeted research and to release the findings publicly. The CFPB is conducting the pilot to determine if eClosing solutions can be effective in:

  • Enabling consumer understanding
  • Incentivizing consumer engagement through early document review
  • Making processes more efficient through an updated online process

Participants in the program includes lenders and technology vendors that will assist the lender in closing loans using eClosing solutions.

Read the press release.
Read the guidelines.

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