E-Disclosures Help Servicers Modify More Loans.(Technology)

Byline: Anthony Garritano

Minneapolis-Wolters Kluwer Financial Services here released Disclosure Manager with the intent to automate the point-of-sale, but now realizes that those lenders that have adopted e-disclosures can now extend that same technology to do loan modifications.

Disclosure Manager interfaces with a lender's existing loan origination system and receives borrower data from the LOS, eliminating any redundant data entry in the process. The platform then populates the data into its document packages using a content management engine that ensures the correct compliance content is assembled based on regulatory, jurisdictional and specific lender requirements.

Then, to electronically deliver packages for the lender, the platform provides secure e-delivery, which quickly and securely transports the document packages to borrowers in a lender-branded workflow. This PKI-encrypted delivery method allows for bidirectional communication between lender and borrower, including the ability for a borrower to e-consent or e-sign the disclosure documents based on specific lender workflow requirements.

When a customer chooses to opt-out of electronic delivery or does not respond to the electronic delivery request within the required timeframes and printed disclosure packages are necessary, the e-delivery mechanism sends the document packages to a secure and SAS 70-certified print fulfillment center, where the packages are printed and mailed to borrowers. Proof of the mailed package is then returned back to the lender's LOS for RESPA compliance and audit reporting.

"We've seen a continued push to automate. The concept of Disclosure Manager and bringing all our products together is very compelling," said Art Tyszka, director of document services at Wolters Kluwer. "We started with e-disclosures and we're now doing a lot of ...