Taking Disclosures to the Cloud
Stricter compliance regulations, such as RESPA, make it even more critical to collaborate electronically with borrowers. That is why Xerox Mortgage Services’ first step was providing the ability to electronically deliver disclosure and other documents to borrowers through BlitzDocs® eXtended Edition (XE).
Originators can now easily initiate an electronic disclosure (eDisclosure), or delivery of any other necessary documentation, from within the BlitzDocs electronic loan folder (eFolder™). Borrowers receive a personalized email from their assigned originator, directing them to a secure portal containing their disclosure documentation. The portal can only be accessed by correctly answering a series of user authentication questions. Within the portal, borrowers can consent to receive electronic documents, electronically acknowledge received documents and electronically sign documents. For documents requiring traditional wet signatures, originators can provide instructions on how to download, print, sign and return them. A detailed audit trail keeps track of all actions on the BlitzDocs XE package within the BlitzDocs eFolder.
Managing Exceptions
While Xerox Mortgage Services’ goal is to help lenders achieve a true eMortgage, even we understand that it will take time. There are some borrowers who are uncomfortable or unfamiliar with technology; or would, quite frankly, still prefer to do a mortgage the old fashioned way.
To meet that need, Xerox Mortgage Services leverages its tight relationship with Global Document Outsourcing, a fellow Xerox company, for print and mail capabilities. For borrowers that are unresponsive to the initial email or do not consent to receive electronic documents, this partnership enables BlitzDocs to initiate a traditional print and mail process, without any required intervention by the lender. To learn more, contact us today.