Four Reasons Why Lenders Will Soon Embrace E-Closings
Electronic signature technology has been available - as far back as June 30, 2000 when President Clinton signed the Electronic Signatures in Global and National Commerce Act, which could reasonably lead one to expect that electronic closings would be used routinely by now. Yet, while more stages of the mortgage origination process continue to go digital, this is one stubborn piece of the puzzle that fails to follow suit.
Every lender we do business with supports the concept of an e-closing. So does the Consumer Financial Protection Bureau, as witnessed by several of our customers - top national and regional lenders - who have told us about calls received from the topmost ranks of the CFPB asking them to proactively support e-closings. These same customers tell us that e-closings are indeed part of their strategic vision. Yet, they cite time and resources as being the biggest obstacles preventing them from implementing e-closings. Implementing the TILA-RESPA integrated disclosures continues to be their primary focus at the moment...Read More Here.