Changes to the disclosure process

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
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
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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 )
HOW IT WORKS
1) The
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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)
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
3) Disclosing the Loan
• Once loan is complete, LO will email
[email protected] 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)
The Choices for
Disclosing:
• E-Sign
• Secure Delivery
• Mail Fulfillment
(No email available )
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)
eSign Screen Shots
Email Borrower receives:
eSign Screen Shots
Secure E-signature Portal: First Screens when you click link
eSign Screen Shots
Borrower first reviews all documents: They must scroll to the
bottom to the disclosures to continue and hit next.
eSign Screen Shots
Next borrower is prompted to esign:
eSign Screen Shots
Documents that need Wet signatures are prompted to be
printed:
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.
Secure Delivery
Screen Shot
Email borrower received
Secure Delivery
Screen Shot
Secure delivery portal:
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
In person Loan Apps
• If possible complete loan application day before
and e-mail [email protected]
• 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
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 “[email protected]” or
check spam folder if they do not receive an email ]
• Let borrower know of 24 hour window for doing eSign