A la mode’s Mercury Network, a provider of valuation software for lenders, announced the expansion of its SureReceipts service to all lenders for automated compliance with new disclosure requirements.
As lenders are learning, providing electronic copies of some documents is not simply a matter of emailing them to borrowers or sending out links to download the documents. New Equal Credit Opportunity Act (ECOA) requirements mandate specific disclosures and demonstrations by the borrower of his or her ability to receive electronic documents before anything is downloaded.
SureReceipts securely sends any document to borrowers in compliance with disclosure requirements, and it automatically produces an audit trail on every sent document for compliance verification. SureReceipts can be deployed quickly by lenders of all sizes, and is now available as a stand-alone Web-based service or as an application programming interface (API) for integration in existing workflow systems.
“We’ve heard from many lenders recently who could be in violation of the new ECOA Valuations Rule because they aren’t gathering the required borrower acknowledgements prior to electronic delivery of the appraisal as required by ECOA’s E-Sign provisions,” said Jennifer Miller, president of a la mode’s Mortgage Solutions Division. “SureReceipts has long been integrated in Mercury Network, so lenders using Mercury as a vendor management platform have always had it. But opening it to any lender was a simple solution to a widespread compliance challenge, and keeping SureReceipts less expensive than the cost of postage and mailing was a no-brainer.”
SureReceipts is powered by a la mode’s SureDocs technology backbone, an industry standard e-disclosure solution used by tens of thousands of mortgage originators since 2006 to apply over 7.3 million compliant e-signatures. Lenders using SureReceipts to automate compliance with disclosure requirements will be leveraging the secure SureDocs custodial technology to deliver compliant e-disclosures. They will also eliminate error-prone manual processes while dramatically decreasing their risk of costly penalties.
SureReceipts is available to any lender or appraisal management company for 50 cents per secure send, or via API for seamless workflow integration.