From: Reverse Mortgage
by Jason Oliva
In its ongoing efforts to use technology as a way to reduce “pain points” associated with the mortgage closing process, the Consumer Financial Protection Bureau (CFPB) last week named the participants in its new mortgage eClosing pilot program.
The three-month pilot, which is slated to kick off later this year, will explore how the increased use of technology during the mortgage closing process could impact consumer understanding and engagement, as well as save time and money for lenders and other market participants.
Companies participating in the anticipated pilot are a mix of technology vendors that provide electronic mortgage closing solutions, along with creditors that have contracted to close loans using those solutions.
Participating vendors include Accenture Mortgage Cadence; DocMagic, Inc.; eLynx; Pavaso, Inc.; and PiersonPatterson, LLP.
Creditors include Blanco National Bank; Boeing Employees Credit Union; Franklin First Financial, Ltd.; Flagstar Bank; Mountain America Credit Union; Sierra Pacific Mortgage; and Universal American Mortgage Company.