Over the past few months, this blog has reported a few times on the Consumer Financial Protection Bureau’s (CFPB) eClosing project. Yesterday, they released their first report on the project, and have concluded that electronic mortgage closings can benefit consumers. Specifically, they lead to better consumer understanding, a more efficient process, and a greater feeling of empowerment amongst consumers. There can be little doubt about these things, although there’s opportunity for problems — if people are overwhelmed with paperwork now, are they even going to read it when it’s electronic?
