Volume 25 - Number 24
November 24, 2014
CFPB eClosing Program Will be a Plus, Eventually. The eClosing initiative launched earlier this year by the CFPB will ultimately be beneficial to the mortgage industry, once all the big wrinkles are ironed out, according to analysts at DBRS, formerly Dominion Bond Rating Service. “Many of the elements that make up eClosings are already being used in other consumer and commercial loans (such as auto loans and equipment lending), so much of the process should be easy to replicate,” the analysts said in a client note last week. “However, it is the uniqueness of the mortgage industry that will present some challenges.” For instance, there are real estate statutes for real property, compared with the Uniform Commercial Code for personal ...
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