Sierra Pacific has had great success with this new process. Our loan officers have noted that eClosing took less time than paper closings, our document package was very user-friendly, and our borrowers were happy with the ease of this process.
Folsom, CA (PRWEB) September 03, 2015
The Consumer Financial Protection Bureau (CFPB) has released its remarks on their National eClosing pilot program in which Sierra Pacific Mortgage Company, Inc. was one of 12 participant lenders.
As part of the CFPB’s “Know Before you Owe” mortgage disclosure rule, the eClosing pilot program was designed to test the effectiveness of providing homeowners with electronic documents to help empower them with an understanding of their closing documents, and to offer them a more efficient and streamlined closing process. With the goal of improving understanding, efficiency, and the consumer’s feeling of empowerment, the eClosing process incorporated technology to make the closing process less cumbersome for the consumer.
On the use of technology in the eClosing pilot program, CFPB Director Richard Cordray said, “We strongly believe that improved closing solutions can use technology to create more knowledgeable consumers and a much better process for everyone involved.”
As one of a handful of mortgage lenders to participate in the pilot program, Sierra Pacific is excited to have helped pave the way for the mortgage industry to use advanced technology to provide more comprehensive and efficient service.
Sierra Pacific’s CIO Jim Connell said, “Sierra Pacific has had great success with this new process. Our loan officers have noted that eClosing took less time than paper closings, our document package was very user-friendly, and most importantly, our borrowers were happy with the ease of this process.”
About Sierra Pacific Mortgage:
Sierra Pacific Mortgage is a leading national mortgage banking company, based in Folsom, CA and serving the retail, wholesale and correspondent mortgage banking markets in 48 states through 6 regional fulfillment centers. Sierra Pacific’s mission is to deliver consistent, competitive pricing, and to provide its customers the finest experience through streamlined systems, the best industry tools, effective communication, and superior customer service with every branch, every day.
Sierra Pacific Mortgage, 1180 Iron Point Road, Suite 200, Folsom, CA 95630.
Phone: (916) 932-1700.