The Consumer Financial Protection Bureau (CFPB) announced the selection of participants for its mortgage eClosing pilot program. The three-month pilot will begin later this year, and will explore how the increased use of technology during the mortgage closing process could affect consumer understanding and engagement and save time and money for consumers, lenders, and other market participants.
“Mortgage closings can be stressful, confusing and overwhelming,” CFPB Director Richard Cordray said. “We believe that eClosings have the potential to create a better process for everyone involved. This eClosing pilot project will provide valuable insight as we work to improve the closing experience for consumers.”
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