Consumer watchdog chooses 12 companies for e-closings pilot

A federal agency has chosen 12 firms to participate in a pilot program the agency hopes will yield insights on how to use technology to make the mortgage process easier, cheaper and less time-consuming for borrowers.

The Consumer Financial Protection Bureau announced the e-closings pilot in April. The 12 firms selected to participate in the program include five vendors:

  • Accenture Mortgage Cadence
  • DocMagic
  • eLynx
  • Pavaso
  • PiersonPatterson

The lenders selected are:

  • Blanco National Bank
  • Boeing Employees Credit Union
  • Franklin First Financial
  • Flagstar Bank
  • Mountain America Credit Union
  • Sierra Pacific Mortgage
  • Universal American Mortgage Company