Data-Vision, Inc., a provider of Internet lending technologies that enable mortgage lenders to quickly and affordably implement Web portal and e-lending capabilities, has addressed the impending appraisal compliance requirements with its RemoteDocs solution, allowing lenders to proactively meet regulatory requirements prior to the January deadline. Here’s how:
New rules and updates to current regulations in the mortgage industry are being implemented at an astonishing rate. During the last few months alone, regulators have crafted revisions to a number of the regulations that have been a part of the mortgage industry for years. As a result, lenders are forced to quickly change policies and procedures within their organization to comply with these changes.
One such change is a modification to Regulation B (ECOA) which takes effect on January 18th, 2014. The regulation is §1002.14 Rules on providing Appraisals and other valuations reads in part: “A creditor shall provide copies of each such appraisal or other written valuation promptly upon completion, or three business days prior to the consummation of the transaction (for closed-end credit) or account opening (for open-end credit) whichever is earlier.”
The regulation goes on to say: “The copies required by § 1002.14(a)(1) may be provided to the applicant in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (ESIGN Act).”
Today, RemoteDocs can safely and securely deliver lenders appraisals and disclosure documents in full compliance with ESIGN legislation. In addition, Data-Vision offers free redraws within 60 days of the original transmission.
Data-Vision President, Randy Schmidt, stated, “We are constantly working to deliver powerful solutions that help our clients proactively respond to the ever-changing regulatory landscape. RemoteDocs delivers immediate secure document delivery of appraisals, other valuations and initial disclosures, which ensure that these new requirements are met.”
Data-Vision has fully automated this process, one that automatically dates and time stamps each appraisal, valuations and initial disclosure. This allows lenders to efficiently meet the timing requirements with a significantly faster process so that they can move forward with the borrower’s loan application.