On April 23rd, the CFPB announced that they were looking for participants for their upcoming e-closing pilot program which is slated to begin in October of 2014.  After reaching out to consumers, realtors, loan officers, attorneys, and others involved at closing to better understand what goes on at the closing table the CFPB identified four major pain points throughout the closing process.  Based the feedback they received they are going to run their pilot program to see if an e-closing process may alleviate some of the issues the industry is faced with.  Below are the four major pain points that were identified:

1. Not enough time to review documents
2. Overwhelming stack of paperwork
3. Documents hard to understand
4. Errors in documents

For more information on  the e-closing pilot program guidelines click on the link below:

http://files.consumerfinance.gov/f/201404_cfpb_guidelines_eclosing-pilot.pdf