Arizona REALTOR® Voice: https://blog.aaronline.com/2015/08/cfpb-pilots-eclosings-with-consumers/

CFPB Pilots eClosings with Consumers and Don’t miss this Years Industry Partners Conference on September 16!

by Arizona REALTORS on August 14, 2015

American Banker recently shared news that the Consumer Financial Protection Bureau (CFPB) has ramped up its push for the mortgage industry to switch to an electronic closing process after results from a pilot program.

The CFPB’s four-month pilot study showed that consumers who used eClosings had a 7 percent higher rate of positive feedback about their understanding of the quotes and final costs of the loan.

“eClosings are the future of mortgage industry,” said Fletcher Wilcox, VP Business Development, Grand Canyon Title Agency in Phoenix.

“I downloaded the ninety page study,” Wilcox continued, “and one of the findings said ‘early document delivery and review was associated with better measured outcomes in both paper and eClosing transactions, but the early delivery of documents occurred much more consistently in the eClosings.’

“The new October 3 [TRID] rule, in which the buyer has to have the Closing Disclosure three business days before signing, is already moving in the direction of the borrower having information earlier,” he added.

REALTOR® Magazine reported that consumers felt “less rushed” with the eClosing process and it was “more efficient” than reading and signing in-person at the closing table.

“Legal, regulatory and fraud factors will also have to be considered when moving toward eClosings,” cautioned Wilcox, “but it is a process that will happen over time.”

Wilcox also chairs the 2015 Industry Partners Conference on September 16. Click here to register for this event.

Fletcher R. Wilcox

V.P. Business Development, Real Estate Analyst, CFPB External Operations Expert

Grand Canyon Title Agency

FWilcox@gcta.com  602.648.

 

(IPC) Industry Partners Conference – Wednesday, September 16th, 2015

Date: Wednesday, September 16th, 2015
Time: 8:00am – 4:15pm
C.E. Credits: 3 Contract Law / 3 Legal Issues
Cost: 79.00
Type: AAR Events
Registration: Register Here
Description: REALTORS®…MORTGAGE LENDERS…ESCROW AGENTS…ALL WORKING TOGETHER TO MAKE IT HAPPEN! You will not want to miss this years event! Join in the conversations about the CFPB and the new closing process. How the new TRID rules changed the closing of a residential real estate transaction. Review new changes to the AAR Residential Purchase Contract, Pre-Qualification form, the LSU…. Don’t hesitate, register TODAY!
Flyer: View Flyer
Calendar: Download this event for Outlook or iCal
Location: Chaparral Suites
Address: 5001 N Scottsdale Road, Scottsdale, AZ 85250

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