Back in October 2014 the industry had an opportunity to attend a public information session in Washington, D.C. organized by the Consumer Financial Protection Bureau (CFPB). The meeting was called to announce the results of a public commentary period regarding mortgage closing experiences as well as to announce details of the CFPB’s eClosing initiatives.
The eClosing pilot launched publicly at that time was part of the CFPB’s “Know Before You Owe” mortgage initiative, and the companies participating in the pilot were a mix of technology vendors providing eClosing solutions, and creditors that had contracted to close loans using those solutions. These included Accenture Mortgage Cadence, DocMagic, Inc., eLynx, Pavaso, Inc., and Pierson Patterson, LLP, as vendors, and Blanco National Bank, Boeing Employees Credit Union, Flagstar Bank, Mountain America Credit Union, Sierra Pacific Mortgage, and Universal American Mortgage Company, as lenders. The participants agreed to work together to examine how electronic closings might help both consumers and lenders save time and money and establish a better, safer consumer experience.
Much has transpired since then, and as we pass the four year mark since that day the landscape regarding eClosings has changed drastically. Today eClosings are a reality, with a growing number of mortgage lenders adopting the technology platform that allows a borrower to credibly review and execute closing documents electronically. In addition advances in technology, along with a bit slower regulatory authorization among the states, has made digital and remote notarization an integral part of the eClosing experience.
Lenders are embracing eClosings, slowly but surely and are now seeking to locate settlement professionals, attorneys, title agents and notaries who actually know how to manage an electronic closing transaction. Consequently eClosing education and training has become a necessary and important resource to match lenders willing to embrace digital mortgages and eClosings with professionals trained to properly manage the process for them during the closing segment of the mortgage manufacturing process.