|Enhanced document-imaging solution captures disclosures|
DocuTech added Secured Automated Document Delivery via sFTP to its flagship document compliance software, ConformX.
The software automatically produces compliant mortgage documents and delivers them electronically (via secure web post) and to print (paper) using any internet connection. ConformX is said to integrate with all the top loan-origination software platforms.
“The key to compliance is documentation, and the key to reducing compliance expenses is trimming the time needed to generate that documentation,” says Scott Stucky, COO of DocuTech. “ConformX’s sFTP automatically captures every page of a disclosure package, eliminating the need to manually copy, file, search, and retrieve documents to ensure compliance with laws and investor guidelines.”
The sFTP feature also supports eSignatures, enabling lenders to automatically image, store, and retrieve signed documents. Lenders can deliver and receive signed documents in minutes.
ConformX’s sFTP functionality creates a snapshot of every loan-disclosure package as it is generated. This helps lenders better track and manage documents requiring borrower signatures, improving accuracy and ensuring that all documents are signed and returned.
For Dallas, Tex.-based PrimeLending, ConformX’s sFTP provides the lender with an extra layer of compliance for both investors and regulators.
“If we have to redisclosure a loan, everything is date- and time-stamped, helping us marry up what was ordered from DocuTech with time to answer any question,” says Ken Mezger, PrimeLending’s process improvement manager. “It’s been most helpful with investors. We have cases where we have to prove to the investor what was disclosed when, and which versions were signed by the borrower. ConformX’s sFTP proves we redisclosed by maintaining a copy in our imaging system and producing it back on demand.”
[This article was posted on July 17, 2012, on the website of ABA Banking Journal, www.ababj.com.]
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