MORTGAGE INDUSTRY BLOG

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North Carolina institutes eClosing pilot

Posted by DocMagic on 04/13/2017

North Carolina Secretary of State Elaine Marshall wants the state to be a leader in eCommerce. It adopted the Uniform Electronic Transactions Act, the Uniform Real Property Electronic Recording Act and the Electronic Notarizations Act. All of this was to prepare for the day when the state could institute eClosings.

“We have been working diligently over the past 15 years to build the infrastructure to build electronic commerce,” Director of Electronic Notarization and Notary Enforcement Ozie Stallworth said. “We thought it was a prime time for North Carolina to step forward and lead in this space because we have the legal infrastructure in place to support a full end-to-end eClosing. We looked to our state’s lending institutions to see whether or not they understood and believed that the industry was headed down the road towards eClosings.”

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The CFPB eClosing Pilot

Posted by DocMagic on 04/27/2015

By Melanie Feliciano and Tim Anderson

What does the recently launched CFPB e-closing pilot really say thus far, and what may it reveal?

Any mortgage professional can attest to the overwhelming amount of paperwork associated with the closing process. For consumers, this final step to homeownership has become notorious for causing confusion and even surprises in the form of unexpected costs. In an effort to assess how the industry can reduce the complexity of this arduous process, the Consumer Financial Protection Bureau (CFPB) introduced its mortgage eClosing pilot, with seven financial institutions and four technology vendors participating in this program. While the closing is just one portion of the mortgage, this pilot could be key to proving the value electronic records, e-signatures, electronic workflows and even electronic notarizations can have, bringing to light trends that are critical to the mortgage lending world as a whole.

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Podcast: The DocMagic Moment – Episode #18 - CFPB eClosing Pilot Program

Posted by DocMagic on 09/22/2014

DocMagic is Proud To Be Participating In CFPB's eClosing Pilot Program.

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