On August 5, the CFPB released a 90-page report summarizing the results of its eClosing pilot program, a research initiative launched in April 2014 to explore whether electronic closing processes offer measurable benefits to mortgage borrowers. According to the CFPB, the pilot program was part of the agency’s overall “Know Before You Owe” campaign, through which the CFPB developed the TILA-RESPA integrated disclosure (TRID) regime. In the report, the CFPB pointed out eClosings may benefit borrowers by making them feel more empowered during the closing process, and the CFPB encouraged the industry to “explore eClosing as a promising option for customers.”
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