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NAR 2017 President-Elect Elizabeth Mendenhall hosted a roundtable with government regulators and industry leaders focused on the advancement of electronic closing (eClosing) processes. Participants deliberated ways to promote eClosings, which have proven to be more efficient, intelligible, and secure than traditional closings with paper disclosures. In debating the hurdles to eClosing adoption, many issues were discussed including consumer needs, risk management uncertainty, collaboration and implementation technology complexities, and operational and economic benefits provided to invested parties, among others. A central takeaway of the event was that industry must work together with federal and state agencies to overcome such barriers in the best interests of the consumer. NAR will continue to work in partnership with stakeholders and regulators on these important issues.
See - Electronic Closings a “Business Imperative,” but Hurdles Remain Before They’re Widespread