WEST JORDAN, Utah (8/21/15)--The New York Times provided a look at how increasingly “paperless” mortgage closings are gaining prominence, using Mountain America CU of West Jordan, Utah as an example.
Mountain America recently participated in a pilot project with the Consumer Financial Protection Bureau’s (CFPB) eClosings program.
The CFPB unveiled results of the pilot project, which included two credit unions among the seven total participating lenders, at a forum earlier this month. The program found that electronic closings could make things easier for consumers.
CUNA attended the forum, as well as representatives from Mountain America and BECU of Tukwila, Wash., the other participating credit union.
Amy Moser, vice president of mortgage services for Mountain America, told The New York Times that first-time borrowers in particular liked the process, since it was easier to review documents in advance, and consult with more experienced borrowers.
The article highlights the upcoming Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule, scheduled to be implemented Oct. 3, and how the rule is likely to make the borrowing process simpler for lenders and borrowers, even if they use the traditional closing method.