August 1, 2015 is a looming date for mortgage originators as they will be required to change their standard document sets used for loan closings to include new forms intended to simplify loan details to the borrower. Couple these new forms with recently imposed disclosure requirements from the Home Mortgage Disclosure Act and originators will be working under a different set of disclosure rules and processes.
Most lenders have defined processes that are hard-wired to their current document structures. Many in the industry have predicted that the compliance rules and Know Before You Owe (KBYE) will induce more eMortgage applications, yet the bulk of mortgage portfolios will still involve paper-based documents.
The question is can you streamline your mortgage processes, while meeting the new requirements and still accommodate borrowers who are more comfortable with paper-based documents? With Ephesoft you can improve the efficiency of the entire mortgage application process as new documents enter the mortgage portfolio. Ephesoft can be the document onramp at multiple points of interaction among all of the interested parties.
With Ephesoft lenders can:
- Lower the cost per loan
- Shorten the process time
- Improve responsiveness – flag missing, incomplete or inaccurate documents
- Provide a single path for capturing and processing documents – paper, fax, email & web
- Facilitate lender compliance with CFPB (Dodd-Frank Consumer Financial Protection Act) & HMDA (Home Mortgage Disclosure
Ephesoft is the only advanced capture solution that runs on open source technology, and allows for easy integration in half the time as that of legacy systems. Contact Us today for help streamlining mortgage processing in your organization and become compliant by July.