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Industry News

CFPB eClosing Pilot Report

The CFPB recently published a report on its “Know before you Owe” E-closing project.  The report concluded that borrowers can benefit from electronic closings when navigating the mortgage closing process, the results indicating that those who closed their mortgage using an electronic platform are generally better off on measures of understanding, efficiency, and feeling empowered.  “Our study showed that eClosings do offer the potential to make the process less complex”, said Director Richard Cordray.
SecureClose is proud to be one of the pioneer’s in eClosings, offering the first auto finance platform that combines eClosings, electronic document presentment, consistent audio and video information provided to the consumer, and a recording of the closing.  Our Consumer Survey results show an overwhelming positive view of the process by consumers, with similar feedback of increased understanding of the terms and conditions and efficiency.
SecureClose can protect creditors and consumers in a side range of industries such as title lending, auto finance, payday loans, small loans, and more.  Ask us how we can help you in this rapidly changing area.