E-Disclosure Forms and Loan Disclosure Services

PPDocs, Inc. has provided solutions to help lenders overcome regulatory obstacles for years.

Expanding upon our existing service, lender clients will now be able to email a disclosure package to the loan applicant for review. The loan applicant will then be able to consent to receive the disclosures, prove that they are capable of viewing a file in PDF format, and easily electronically sign the disclosures online.

To view a recorded webinar on how to use our new eDisclosure Manager (Now supporting the TILA-RESPA Integrated Disclosures: Loan Estimate and Closing Disclosure), click here: Webinar (Webex Installation Required).





The Challenge


Regulations require the following:

1. Loan applicant(s) must receive early disclosures (in particular, the Loan Estimate) within three (3) “business” days of application and before any fees, other than a reasonable fee to obtain credit history, are collected.

2. A lender must wait seven (7) business days after receipt of the early disclosures by the loan applicant(s) before closing the loan.

3. If, prior to closing, adjustments are made to the loan that change the APR and exceed certain tolerances, the lender must provide new disclosures and wait an additional three (3) business days after receipt of the disclosures by the loan applicant(s) before closing the loan.

The Solution


1. The eDisclosure option notifies loan applicant(s) via email that their disclosures are ready for their review and acceptance.

2. The loan applicant(s) receives their eDisclosures from a secure website by answering three security questions determined by the sender.

3. The loan applicant(s) consents to receiving their disclosures online.

4. The loan applicant(s) reviews their disclosures on the screen, prints them off, or saves them to disk and accepts them with a click of a button.

5. All the while, we track the process, log the activity, and notify the lender of the status of each event as evidence of completion.

Advantages of using our E-disclosure services over traditional couriers:


E-Disclosures provide better access than paper notices and are being widely adopted for several key reasons:

Fast Turnaround and Cost.

Electronic delivery costs less with easy scaling up. Never pay a courier for overnight delivery again!

Security and Efficiency.

Electronic-based delivery is more secure than paper-based delivery. Email bounce-backs are more quickly resolved than change-of-address re-routes or returned mail. You can track a form’s completion for added peace of mind. Use your existing email provider to send if you wish or use our delivery and tracking if you wish.

Compliance.

The E-disclosure process complies with all requirements of the E-Sign Act, including demonstration of access, consent, receipt, and acceptance. Each event is logged with a date and time.

Access.

Over 90% of households have access to the Internet. Today’s loan applicant expects a certain level of technology to expedite and simplify the process. The font of e-forms can be increased, highlighted, colored, switched to Braille, or audio-transcribed to aid the visually impaired. The forms can be translated into any language, using the right software program.






How an eDisclosure works

1. The Loan Officer uploads the disclosures in PDF format, completes the delivery details, chooses three security questions, and clicks to send.

2. Tracking is immediately available on our website in real time.

3. The Loan Applicant immediately receives an email linking to our secure site where the e-disclosure is stored.

4. The Loan Applicant answers three security questions to continue.

5. The Loan Applicant clicks to consent to receiving disclosures electronically.

6. If the Loan Applicant does not consent, the Loan Officer is notified to mail a physical copy.

7. A consenting Loan Applicant verifies that a PDF reader is installed for loan viewing by entering an access code from a sample PDF document visible on the screen.

8. The Loan Applicant receives the disclosure, reviewing and signing it.

9. The Loan Officer is notified when the process is complete. Timestamps verify when the applicant completed each step.

10. If a Loan Applicant withdraws from the process at any time, the Loan Officer is alerted to provide a physical copy of the disclosure.





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How to Get Started:

You can sign up for an account online today. There is zero setup time. Select eDisclosure Manager and then select upload package. PPDocs will send a bill to you monthly with an itemized transaction report. For more information, contact Ambra Costner at ambra@ppdocs.com or call (817) 461-5500.

See How We Make It Easy


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