|By Marketwired .||
|August 22, 2014 05:46 PM EDT||
WEST JORDAN, UT -- (Marketwired) -- 08/22/14 -- The Consumer Financial Protection Bureau (CFPB) announced yesterday its acceptance of Mountain America Credit Union into its eClosing pilot study launching later this year. The objective of the CFPB pilot is to improve the mortgage closing experience for American consumers by utilizing technology-enabled electronic closing (eClosing) solutions to increase consumer understanding and empowerment.
"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," said Sterling Nielsen, CEO of Mountain America. "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."
The term "eClosing" refers to a mortgage closing that relies on technology for stakeholders to review and/or sign documentation electronically. In accordance with the new "Know Before You Owe" rule (in effect August 2015), documents in the transaction are available online for the parties of the transaction to review and approve ideally three days before closing -- creating more informed buyers and sellers and avoiding any surprises at the closing table. Mountain America implements a hybrid process that combines both legally operative electronic signatures with wet signatures for the mortgage note.
To participate in the eClosing pilot, Mountain America has proven its ability to 1) securely manage document and data transfer, 2) have a platform for viewing and interacting with documents, 3) facilitate electronic signatures, 4) create a clear audit trail for the transaction and 5) sanitize data for analysis. This is made possible through utilization of Mountain America's technology platform, Quick Close(SM), in conjunction with DocMagic eSign compliant loan documents.
In addition to studying the eClosing process, this pilot encourages participants to study the impact of additional tools that can be incorporated to benefit consumers. As such, Mountain America will offer consumers advanced features such as interactive documents with embedded educational tools and the ability to ask questions through direct messages sent to the appropriate individual.
About Mountain America Credit Union
Mountain America Credit Union has more than $3.9 billion in assets and serves more than 465,000 members, wherever they are, through online and mobile banking, 76 branches in five states, and provides access to more than 30,000 ATMs and 5,000 shared-branching locations nationwide. With Utah credit union roots dating back to the 1930s, Mountain America has become a tradition for many members, offering a variety of financial products and services for consumers and businesses, including savings accounts, auto loans, checking accounts, mortgage loans, business checking, student loans, SBA loans and retirement options. Visit www.macu.com for more information.
DocMagic, Inc. is a leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. DocMagic guarantees and warrants that all agency forms are up to date and in compliance with GSE requirements. The company's compliance experts and in-house legal staff constantly monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Feb. 12, 2016 03:45 AM EST Reads: 261
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
Feb. 12, 2016 03:45 AM EST Reads: 330
Feb. 12, 2016 02:30 AM EST Reads: 219
Feb. 12, 2016 02:00 AM EST Reads: 428
Feb. 12, 2016 01:30 AM EST Reads: 340
Feb. 12, 2016 12:45 AM EST Reads: 400
Feb. 12, 2016 12:00 AM EST Reads: 274
Feb. 11, 2016 11:00 PM EST Reads: 227
Feb. 11, 2016 10:45 PM EST Reads: 363
Feb. 11, 2016 10:00 PM EST Reads: 122
Feb. 11, 2016 05:15 PM EST Reads: 219
Feb. 11, 2016 05:00 PM EST Reads: 392
Feb. 11, 2016 04:30 PM EST
Feb. 11, 2016 04:15 PM EST Reads: 182
Feb. 11, 2016 04:00 PM EST