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Volume 7 - Number 9

April 25, 2014

CFPB e-Closing Efforts Find Allies in FHA, GNMA

The Consumer Financial Protection Bureau will launch a new, voluntary pilot project later this year to promote e-closings as a way to reduce or eliminate many of the “pain points” associated with the mortgage closing process. But officials at FHA and Ginnie Mae were eager to jump on board and reinvigorate similar efforts of their own in this regard, as many government and industry representatives tried to capitalize on a renewed sense that e-mortgages and a greater use of technology can transform the entire origination process – for all stakeholders, not just consumers. “We’re very excited to see the continued advancement of not only the use of technology, but hopefully more effective means of working together as an industry to improve the overall mortgage process,” said FHA’s Patricia McClung, acting director of single family program development, at a public forum ...

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