During a public forum on April 23, the Consumer Financial Protection Bureau (CFPB) announced that it is launching a new electronic closing (eClosing) pilot program to research avenues to make closings less complex for borrowers. October Research, LLC attended the forum and spoke with attendees and others in the industry about the bureau’s initiative. Though there is much work to do ahead, many are in favor of the eClosing program.
“I’ve never been more excited or optimistic about the concept of electronic closings becoming a marketplace reality than I am today,” said Mary Schuster, president of op2 and chief product officer at RamQuest. “Seeing so many different stakeholders come together, encouraged by a progressive regulator who encourages and facilitates what can be accomplished, is exciting. To some it might a seem nothing short of miraculous, given the long road many of us have been down together in the quest for a modern, effective and efficient digital closing."
The program is set to begin this fall.
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