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ARTICLE · 07 SEPTEMBER 2015

CFPB Announces Results Of eClosing Pilot Project

McGuireWoods LLP
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The report is the latest component of the CFPB's "Know Before You Owe" mortgage initiative, which is designed to improve the home buying experience for consumers.

United StatesFinance and Banking
Jeffrey Brown
Jeffrey Brown
Joshua Davey
Joshua Davey

On August 5, 2015, the CFPB published a report titled "Leveraging technology to empower mortgage consumers at closing," which concluded that borrowers can benefit from electronic closings or "eClosings" – that is, closings in which a borrower can view and sign documents electronically. According to CFPB Director Richard Cordray, "Using the power of technology has shown the potential to simplify the closing process and empower consumers with better organized information, more time to review that information, and the ability to embed educational resources." Cordray went on to emphasize that "Closing on a mortgage remains one of the most significant, yet stressful, times in the lives of consumers. However, this report offers promise that technology could be an important tool to break down a complex process into one that is easier to understand."

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