How Dynamic Doc Solution Providers Can Elevate Compliance for CTOs

In a previous post, we addressed how CTOs in financial services have become entrenched in compliance concerns and discussed how dynamic doc solution providers can help lessen this burden. In this post, we’d like to dive a bit deeper into the topic to discuss how CTOs and doc prep providers can work together to give consumers a seamless mortgage lending experience.

Deliver a more satisfying borrower experience

Today’s financial services companies are under supervision by state and federal regulators who have made the borrowers’ experience a cornerstone of what they consider compliant activity. Because the experience for the borrower is so tightly coupled to the document signing process, the right doc prep partner can do a lot to help the lender improve overall customer satisfaction.

In our case, we have completely redesigned the eSign process within our software to focus on the borrower’s experience, making it smooth and pleasant while keeping it easy for the borrower to understand. This is a departure from the way older eSign systems were designed because they focused first on compliance and not enough on the customer. A modern eSign process improves the borrower experience while still maintaining compliance.

Help the lender better manage change

There are few changes that a lender can make to its home finance business that won’t involve changing mortgage lending documents. This is because when documents change, they signal changing requirements from investors and may also impact regulatory compliance. The right doc prep partner can track many sources including e-mail lists for every state and the federal government agency, law firm newsletters, reg. lists, and participating in MBA regulatory compliance and legal issues committees to implement the changes taking place in the industry.

Help the CTO guarantee information security

Keeping the consumer’s sensitive financial information safe has long been a mandate for the CTO, but this has become a more complex job over the years. In the past, this was primarily a contest between the company, hackers and other criminals. Today, however, it is common to have a new layer of regulatory oversight in the mix. Most recently, we saw the New York Cyber Security Law passed and the FFIEC issued new cybersecurity guidelines.

The right dynamic doc provider can help CTOs with this complicated task by ensuring their platforms are always updated to be stable and defensible. Each platform should be tested constantly and always prepared for audits. This provides business resiliency, to both the doc prep provider and the lenders they serve.