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CFPB unveils e-closing initiative, addresses consumer pain points
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Regulatory Updates
Monday, April 28, 2014
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The Consumer Financial Protection Bureau (CFPB) met with the public on April 23 to discuss the mortgage closing process. The agency announced that it will launch a new electronic closing (eClosing) pilot program in order to explore new avenues to make closings less complex for consumers.
Developing a more streamlined and efficient closing process is the next phase in the CFPB’s Know Before You Owe initiative that began in May 2011, when the bureau released its initial RESPA/Truth in Lending Act integrated mortgage disclosure prototypes.
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