The Consumer Financial Protection Bureau (CFPB) reports that most borrowers benefit from electronic closings relating to the mortgage loan process. On August 5, 2015, the CFPB published its study on the benefits of electronic closings. The study began in August 2014. As a data driven agency, the CFPB worked with a select group of lenders that already provided eClosing solutions. This program coincides with the new Truth In Lending Integrated Disclosure Rule (TRID) and guidelines, which require closing documents to be shared with consumers three days in advance.
According to the CFPB, the published results indicate a positive difference in perceived understanding scores for borrowers using eClosings compared to borrowers using paper documents. Likewise, the study resulted in a positive difference in scores for borrowers using eClosings compared to borrowers using paper documents. And, the CFPB found a positive difference in the scores for the eClosing borrowers compared to borrowers using paper documents.