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Changes to the disclosure process- Esign

Changes to the disclosure process- Esign. We are rolling out NEW disclosure process that includes eSign on all document types!!! What it offers : Industry leading technology based solution Security features to protect borrowers information

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Changes to the disclosure process- Esign

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  1. Changes to the disclosure process- Esign

  2. We are rolling out NEW disclosure process that includes eSign on all document types!!! • What it offers: • Industry leading technology based solution • Security features to protect borrowers information • Docs completed correct every time (less QC issues) • e-Sign documents automatically transferred to PCL • All re-disclosures done via e-sign- No waiting for signed GFE’s • When: Week of October 16th Roll out

  3. What has not changed with the system!!! • Loan Officer is still in control of the document process • Process allows for options for getting the disclosures to your clients • You can still do face to face applications (15 minute turn time on RUSH or Phone in requests )

  4. HOW IT WORKS • 1) The Application- • Once enough information is imputed in PCL the application received date is populated in PCL- *Within 3 days we need to have the disclosure package sent to the borrower( all disclosures) • The application data needs to be as complete as possible (since 1003 is being sent with disclosures) • Fee’s need to be updated in PCL relevant to the loan- (GFE is still checking for correctness)

  5. 2) RESPA Clock is Ticking • It is more important than ever for the LO to COMPLETELY fill in 1003 in a timely manner • LO will receive a reminder email on the 1st and 2nd day • On 3rd day at 11 am, LO will receive final warning email stating the file will automatically be disclosed at 3 pm Eastern Time • At that time what ever is in PCL will be disclosed to your borrowers

  6. 3) Disclosing the Loan • Once loan is complete, LO will email GFE@movementmortgage.com to produce all disclosures for the loan Including the 1003 • Must be within 3 days of the application received date (including Saturdays) • LO should indicate method of disclosure. The options will be: • eSign, • Secure Delivery • Mail package (We will only send the RESPA)

  7. The Choices for Disclosing: • E-Sign • Secure Delivery • Mail Fulfillment • (No email available )

  8. eSign • Must have an email address for ALL borrowers • Must be completed on the 1st or 2nd day after application- (for compliance reasons ) • A link will be sent to the borrower with instructions for completing • Borrower has 24 hours to eSign • If borrowers do not eSign within 24 hours, then disclosures will be resent via Secure e-Delivery and eSign will no longer be available after 24H. • A link will be sent to LO for their signatures. • Once borrowers and LO sign the docs will auto enter into PCL (within in an hour of completion)

  9. eSign Screen Shots Email Borrower receives:

  10. eSign Screen Shots Secure E-signature Portal: First Screens when you click link

  11. eSign Screen Shots Borrower first reviews all documents: They must scroll to the bottom to the disclosures to continue and hit next.

  12. eSign Screen Shots Next borrower is prompted to esign:

  13. eSign Screen Shots Documents that need Wet signatures are prompted to be printed:

  14. Secure E-delivery • Required: At least one borrower email address • Documents are produced and a link will be emailed to borrower. LO and LOA is added as CC • HUD and CHARM booklet are attached to email sent separately through PCL. • Borrower will have access to the documents for 1 week to print.

  15. Secure Delivery Screen Shot Email borrower received

  16. Secure Delivery Screen Shot Secure delivery portal:

  17. Mail • Documents are produced and emailed to LO and Fulfillment • Fulfillment will print and mail only RESPA documents via USPS • LO get a complete set of the disclosure signed

  18. In person Loan Apps • If possible complete loan application day before and e-mail gfe@movementmortgage.com • For preference, indicate secure delivery. • If it is a walk-in or borrower would not give you information over phone, put RUSH in subject line or call GFE support line 877-202-0191. • For a RUSH, the expected turnaround is 15 – 20 minutes. • Docs will be sent via secure email to you and your borrowers

  19. Conclusion • As always, it is about setting borrower’s expectations. • Tell borrower about the time to prepare disclosures for in person loan app • If borrower chooses eSign or Secured delivery, tell them to allow email from “docs@ConformX.com” or check spam folder if they do not receive an email ] • Let borrower know of 24 hour window for doing eSign

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