Sending Electronic Disclosures with RemoteDocs®

New rules and updates to current regulations in the mortgage industry are being implemented at an astonishing pace. During the last few months, regulators have crafted revisions to a number of the regulations that have been a part of the mortgage industry for many years. As a result, lenders are forced to quickly change policies and procedures within their organization to comply with these changes.

The new Regulation Z changes add very significant new timing and delivery issues for early truth-in-lending disclosures, which will now be required for all closed-end mortgage loans. In essence, lenders are required to provide truth-in-lending disclosures (early/ initial disclosures) within three business days after receiving a mortgage loan application and before any fees are collected from the consumer, other than a reasonable credit check fee.

The rules also impose a waiting period of seven business days between the early disclosure and closing date. Additionally, lenders must provide revised disclosures, including a revised annual percentage rate if the existing interest rate significantly changes between the time the early disclosure is provided and the closing date.

Delivering Electronic Initial Disclosures with RemoteDocs

Data-Vision’s RemoteDocs delivers immediate secure document delivery of initial disclosures which ensures that these new requirements are met. Data-Vision has fully automated this process, one that automatically dates and time stamps each initial disclosure. This allows you to efficiently meet the timing requirements with a significantly faster process so that you can move forward with the customer’s loan application.

Electronic disclosures from Data-Vision are designed to bring maximum ease and efficiency to the delivery, viewing, and signing of upfront disclosures and mortgage loan applications.