Recently the CFPB announced plans to launch an eClosing pilot project in the fall of 2014. The project is supposed to improve the closing experience for consumers.
The project is being launched before the new integrated disclosures, the loan estimate and the closing disclosure, take effect. The CFPB has control over the two integrated disclosures, but many other forms involved in closing are not under the CFPB’s control. The success of the pilot will depend on cooperation amount a number of parties.
The project is not expected to lead to more regulations. The pilot will be a collaboration between a technology vendor providing an eClosing solution and a lender that has contracted to close loans with that solution.
The CFPB’s goals for the pilot include reducing costs and earlier delivery, greater consistency and greater accuracy.