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CFPB Report Hints at Future Role of eClosings

Friday, August 7, 2015

Over a year ago consumers pointed out, in a report from the Consumer Financial Protection Bureau (CFPB) the "pain points" they encountered in the mortgage closing processing.  The volume, complexity and lack of accuracy of the required documents were major complaints and appeared amplified by a lack of time to thorough review those documents. 

At that time CFPB identified electronic closings, also known as eClosings, as one way to alleviate some of these pain points.  These closings rely on technology to permit borrowers to view and sign closing documents electronically.  Under such a system documents can be delivered to the consumer faster and contain embedded links to help them understand specific terms as they encounter them.

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