Two Key Qualities Your Doc Prep Partner Should Possess

Regulatory changes have sent many lenders back to the market in search of technology services that can help them remain compliant. Because of the nature of many of the government’s changes, document preparation has become a critical component of every lender’s operation.


Choosing a new partner can be difficult, but eliminating those who are not worthy of consideration is less difficult. As you interview new prospective partners, it is advisable to steer clear of firms that don’t possess these two critical abilities.

Tight Integration into the LOS

The lender’s personnel should require minimal training on the use of the doc prep system. It should be so tightly and seamlessly coupled to the loan origination system that they only need to know how to operate their existing database of record software. This minimizes training costs and removes the risk that the technology will not be effectively utilized, a significant risk any time new tools are introduced to staff.


To achieve this, the right vendor must provide a system with an extremely high functional integration to the lender’s existing LOS. We refer to this as a “Lights Out” integration that includes what we call “LOS pushback.” In effect, this is a constant two-way communication between the doc prep system and the LOS.


Every important event, especially any errors that occur, should be pushed back to the system of record so that the users can see the complete history of events. This is especially important when it comes to eSign events like borrower consent, review, and signing. Those events are critical for CFPB Evidence of Compliance.


Likewise, if a required data element was omitted when the loan origination system sent the request to generate docs, Docutech will send back an error message to the LOS that informs the system that the document could not be generated because it would be out of compliance without the required data. Systems that cannot provide this level of LOS pushback will fall short of meeting the lender’s needs.

The Ability to Deliver Peerless Borrower Satisfaction

In today’s lending environment, the borrower experience has become a compliance factor. Federal regulators now demand that lenders meet the high expectations of today’s home finance consumers, and this requires the vendor to meet certain requirements:


First, the prospective partner must continuously maintain the document library and provide very quick turnarounds when document changes are required. This ensures that the lender will be in position to meet borrower expectations during the lending process – and this applies to the entire process. Make sure you work with a partner that has carefully considered the borrower experience throughout the entire lifecycle of the loan origination process.


When it comes to eSign, the entire process should feel as easy for the borrower as ordering a product from Amazon or any other sophisticated web experience they have encountered. Options like Single Sign-On, life of loan ESIGN Consent, and custom branding can provide the borrower with a seamless eSigning experience, rather than making them feel that they have left the lender’s system and moved to another.


If the borrower exits the eSign system unexpectedly, it should be easy for them to return to the process right where they left off. Finally, and perhaps most importantly in regard to today’s consumer, the entire experience should be readily available via mobile devices.


The right partner will pay close attention not only to the borrower experience, but also the experience the lender offers its settlement services partners and even its own staff.


The doc prep system should be easy for the lender’s third-party service providers to use, like their title & settlement partners or a mobile notary sitting with the borrowers in their home. It's critical for both the borrower and the closing agent that the user interface be completely self-explanatory. It should provide the kind of self-help required to keep the process moving, and ideally, be so easy and clear that self-help isn’t even required.


When issues or questions do arise, the right doc prep provider will have a method for ensuring that its staff is dedicated and responsive, understands the questions the lender poses and has the correct answers – provided in a timely fashion.


Here at Docutech we have a dedicated account management group tasked with ensuring our clients have access to an actual person – someone they know by name and who is assigned to their account. Our staff is highly trained and can answer a client’s question on the first call more than 80% of the time.


For more complex problems that cannot be solved in a single call, we rely on Taskwatch, our own custom-designed system for managing open client requests. The system gives our clients complete visibility into the status of any outstanding items and the ability to query the platform for more information. It delivers complete visibility and transparency. No lender should settle for less.


There are many considerations that go into any new vendor relationship. Given the high stakes regarding compliance, it’s imperative for lenders to take their time and perform the sufficient due diligence. Lenders who consider the two factors described here are more likely to find a vendor who can become a valued business partner. In our complicated business, settling for anything less will increase compliance risk and put the lender at a competitive disadvantage in the marketplace.


For more information about how Docutech responds to any of these points of inquiry, visit our website or call us today. After 25 years in the mortgage business, we have carefully considered our position on each of these critical areas and welcome the opportunity to share our experience with you.