The Electronic Signatures in Global and National Commerce Act ("ESIGN" or the "Act") has been in effect since October 1, 2000. The purpose of the Act is to facilitate the use of electronic records, signatures and contracts in commerce by placing them on the same legal footing as their paper analogues. ESIGN creates a tremendous opportunity for mortgage originators to achieve greater efficiencies and cost savings, particularly in the area of consumer disclosures. Few mortgage originators, however, appear to be taking advantage of these ESIGN benefits.

With this article, Document Systems, Inc.'s ("DSI's") Compliance Department launches a three-part series on the rudiments of the Finance Charge, as defined under the Truth in Lending Act1, to respond to a growing number of telephone calls from customers inquiring into whether a particular fee, cost or charge may be excluded from the calculation of a Finance Charge.

The Wyoming State Banking Commissioner now has the responsibility for licensing and regulating mortgage lenders and brokers in the state as authorized by the Wyoming Residential Mortgages Practices Act, which was signed into law by Governor Dave Freudenthal on February 25, 2005. According to a press release from the Wyoming Department of Audit, Division of Banking, compliance with the Act is mandatory beginning July 1, 2005.

In order to keep DocMagic software users better apprised of document changes and additions as they occur, DSI posts listings of all newly created and revised documents. Here is the list of forms created or modified in February, 2005.