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Wednesday, August 5, 2015

CFPB Study Finds Electronic Mortgage Closings Can Benefit Consumers

The CFPB today published a report on its “Know Before You Owe” eClosing project, which showed that borrowers can benefit from electronic closings during the mortgage closing process. The project found that eClosings were associated with better consumer understanding, a more efficient process, and greater feelings of consumer empowerment.

“While technology alone will not address all consumer concerns in the closing process, our study showed that eClosings do offer the potential to make the process less complex,” said CFPB Director Richard Cordray. “We expect this pilot project and its findings to help inform further innovation that will be a win-win for consumers and industry alike.”

In addition, the Bureau yesterday provided guidance about private mortgage insurance cancellation and termination. The bulletin explains certain provisions of the Homeowners Protection Act and also provides compliance tips.

Read the report.

Read the guidance on private mortgage insurance.