It was reported yesterday by the Property Records Industry Association (PRIA), (bet you didn’t know they existed), that one-third of US Counties now have e-recording capability. However, this one-third represents about 68% of the people. We’ve come a long way baby.
About 32% of the people still are in counties that could not accommodate a total e-closing, but, we’re getting closer. However, there are still some obstacles to overcome. (See my prior white paper on this subject eClosing White Paper)
CFPB is pushing hard for the total eClosing. The real question is, “Are the consumers ready and willing?” Let’s face it, lenders will adjust to deliver whatever the market and the consumer wants and accepts.
The final challenge is the consumer’s acceptance of a total eClosing, no paper; all disclosures, approvals and closing documents being electronic. I’m not totally sold just yet. I’m all for the eClosing, it’s just that I think the average consumer isn’t quite sure the industry is ready yet. Just look where we are with a totally electronic on line application.