The CFPB has selected the $3.9 billion Mountain America Credit Union in West Jordan, Utah, for its eClosing three-month pilot study beginning later in the year.
The eClosing program would allow borrowers to review and/or sign documentation electronically.
"For most consumers, closing a mortgage is the most substantial and complex financial transaction they will ever make, which can often lead to confusion and anxiety," Mountain America CEO Sterling Nielsen said. "By participating in this pilot program we hope to improve the mortgage closing experience and help consumers feel empowered to play an active role in a more efficient closing process."
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