CHANGES TO THE
DISCLOSURE PROCESS-
ESIGN
We are rolling out NEW disclosure process that includes eSign on all document
types!!! What it offers:• Industry leading technology based solution• Security features to protect borrowers
information• Docs completed correct every time (less QC
issues)• e-Sign documents automatically transferred to
PCL• All re-disclosures done via e-sign- No waiting
for signed GFE’sWhen: Week of October 16th Roll out
What has not changed with the system!!!
• Loan Officer is still in control of the document process
• Process allows for options for getting the disclosures to your clients
• You can still do face to face applications (15 minute turn time on RUSH or Phone in requests )
1) The Application- • Once enough information is imputed in
PCL the application received date is populated in PCL- *Within 3 days we need to have the disclosure package sent to the borrower( all disclosures)
• The application data needs to be as complete as possible (since 1003 is being sent with disclosures)
• Fee’s need to be updated in PCL relevant to the loan- (GFE is still checking for correctness)
HOW IT WORKS
2) RESPA Clock is Ticking
• It is more important than ever for the LO to COMPLETELY fill in 1003 in a timely manner
• LO will receive a reminder email on the 1st and 2nd day
• On 3rd day at 11 am, LO will receive final warning email stating the file will automatically be disclosed at 3 pm Eastern Time
• At that time what ever is in PCL will be disclosed to your borrowers
3) Disclosing the Loan• Once loan is complete, LO will email
[email protected] to produce all disclosures for the loan Including the 1003
• Must be within 3 days of the application received date (including Saturdays)
• LO should indicate method of disclosure. The options will be:• eSign, • Secure Delivery• Mail package (We will only send the
RESPA)
The Choices for Disclosing:
•E-Sign•Secure Delivery•Mail Fulfillment (No email available )
eSign• Must have an email address for ALL
borrowers• Must be completed on the 1st or 2nd
day after application- (for compliance reasons )
• A link will be sent to the borrower with instructions for completing
• Borrower has 24 hours to eSign• If borrowers do not eSign within 24
hours, then disclosures will be resent via Secure e-Delivery and eSign will no longer be available after 24H.
• A link will be sent to LO for their signatures.
• Once borrowers and LO sign the docs will auto enter into PCL (within in an hour of completion)
eSign Screen Shots
Email Borrower receives:
eSign Screen Shots
Secure E-signature Portal: First Screens when you
click link
eSign Screen Shots
Borrower first reviews all documents: They must scroll to the bottom to the disclosures to continue and hit next.
eSign Screen Shots
Next borrower is prompted to esign:
eSign Screen Shots
Documents that need Wet signatures are prompted to be printed:
Secure E-delivery
• Required: At least one borrower email address
• Documents are produced and a link will be emailed to borrower. LO and LOA is added as CC
• HUD and CHARM booklet are attached to email sent separately through PCL.
• Borrower will have access to the documents for 1 week to print.
Secure Delivery Screen Shot
Email borrower received
Secure Delivery Screen Shot
Secure delivery portal:
• Documents are produced and emailed to LO and Fulfillment
• Fulfillment will print and mail only RESPA documents via USPS
• LO get a complete set of the disclosure signed
In person Loan Apps
• If possible complete loan application day before and e-mail [email protected]
• For preference, indicate secure delivery.
• If it is a walk-in or borrower would not give you information over phone, put RUSH in subject line or call GFE support line 877-202-0191.
• For a RUSH, the expected turnaround is 15 – 20 minutes.
• Docs will be sent via secure email to you and your borrowers
Conclusion• As always, it is about setting
borrower’s expectations. • Tell borrower about the time to prepare
disclosures for in person loan app• If borrower chooses eSign or Secured
delivery, tell them to allow email from “[email protected]” or check spam folder if they do not receive an email ]
• Let borrower know of 24 hour window for doing eSign