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CFPB plans to launch e-closing pilot program later this year

Later this year the Consumer Financial Protection Bureau (CFPB) plans to launch an e-closing pilot aimed at encouraging lenders to put consumers in the driver’s seat of their mortgage closing process. Some of their ideas include using technology to:

  •  Help explain key terms, the closing process, and important documents
  •  Give consumers more time to review the stack of documents
  •  Help find and fix errors in the documents prior to closing

If your credit union would like to learn more about the pilot, or is interested in participating, check out the guidelines and solicitation.

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