Mercury Network has added new features to their popular SureReceipts service for lenders to securely deliver documents to borrowers in compliance with the new ECOA Valuations Rule disclosure requirements. As with all new features, the SureReceipts enhancements were deployed across the entire user base, giving over 600 lenders and AMCs the ability to document a borrower’s consent for electronic delivery in compliance with the E-Sign Act component of the new ECOA requirement.
With the enhancement, the borrower’s acceptance or dissension is recorded separately from the document download in the transaction audit trail. In addition, if a borrower declines electronic delivery, the file can be automatically pushed to the user’s “Action Required” folder to prevent disclosure compliance violations and closing delays.
“All Mercury Network users have access to the SureReceipts service at no charge, but when the ECOA Valuations Rule took effect in January, many platforms and their lender customers weren’t prepared with a solution to document the borrower’s receipt of the appraisal”, stated Jennifer Miller, president of a la mode’s Mortgage Solutions Division. “We acted quickly to open the service to any lender or AMC, regardless of the other software tools they use, to provide a stand-alone eDisclosure solution for compliance.”
SureReceipts has already been used to document successful electronic delivery of the appraisal to over 110,000 borrowers since its launch in January. SureReceipts is available to any lender or AMC now for only 50¢ per secure send, or via API for seamless workflow integration. For more information on the service and the new compliance regulations, visit www.MercuryVMP.com/SureReceipts.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.