In our previous blog, we discussed executing in the modern mortgage business. It is important to identify the right doc prep solutions provider who is capable of getting the software implemented exactly right, by deadline.
Lenders spend a lot of time and money selecting the partners and technologies to trust with their origination businesses. The stakes are high. From a compliance standpoint, vendor management is a significant concern. And then finding that a prospective partner who has made it all the way through the due diligence process doesn’t have what it takes to implement effectively can be very frustrating.
Even though the mortgage industry is moving toward the goal of removing paper from the mortgage process, closing a loan still comes down to executing a collection of documents. Whether these docs remain in digital form or are printed on paper, these documents and the data that populates these documents determines the difference between a quality, profitable loan and a costly problem for the lender.
Digital Mortgages, Customer Experience Innovations and Mobile Platforms Are Changing the Face of Mortgage Lending
How can you find the diamond in the rough in the world of mortgage document compliance?
Last year, we took a close look at the state of eSign technology in the mortgage industry. While there are a number of eSign solutions on the market, we still saw gaps in the capabilities our lenders demanded. As more lenders move toward electronic closings, we knew the industry needed a tool that any borrower could use without the need for extensive customer support or proprietary software. As a result, Solex is a top-to-bottom redesign and modernization of Docutech’s existing eSign platform – the foundation that allows us to take eSign performance to the next level.
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.
What can lenders expect from Washington in 2017?
Per its normal procedures, the Consumer Financial Protection Bureau (“CFPB”) requested comments on its proposed amendments to Regulation Z, commonly referred to as the “TRID Amendments.” In response, we provided a comment letter regarding these amendments, not only since they will impact our clients and ourselves once implemented, but also to share our expertise – cultivated through 25 years of providing vendor services – with the CFPB.
After posting a blog about our comments, we’ve received requests for more specifics as to their content. To oblige these requests, we are posting excerpts from our letter.
