eClosing: Myth or Mystery... You Decide.

The possibility of eClosing is challenged by many of the same issues faced with any mortgage loan closing. As stated in the recent CFPB Report: Mortgage Closings Today, April 2014:

  • For those involved in the closing process, existence of errors in closing documentation frustrates:
    • 24% of consumers
    • 31% of settlement agents
    • 42% of notaries

Can eClosing practices reduce these errors?

This white paper discusses the evolution of the industry to an eClosing process and includes discussion of:

  • The 7 main barriers to eClosing as defined by the Consumer Financial Protection Bureau (CFPB).
  • The top three issues cited by consumers regarding loan closing documentation that need to be addressed by eClosing.
  • The 5 loan closing guiding principles as devised by the CFPB that must be considered for eClosing.
  • Why the benefits and risks associated with eClosings may require a phased approach.

Download eClosing: Myth or Mystery... You Decide, today!

The paper's author, Michael L. Vitali, LoanLogics SVP/Chief Compliance Officer, has over 40 years of experience in all facets of mortgage lending. He served for more than 12 years as an EVP and Chief Risk Officer for a major national lender. He also served as legislative chair for both the MBA of Greater Philadelphia and MBA of Pennsylvania, and is a member of several task forces dealing with compliance issues for the National MBA.

Complete the registration form and get immediate access to this complimentary white paper!

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