Any Wells Fargo correspondent can now deliver up-front disclosures electronically with integrated eSign capability with click-sign, saving significant time and money.
CARSON, CA, October 19, 2008 - Document Systems, Inc. (DSI), developer of DocMagic, the industry’s leading technology for compliant mortgage loan document preparation, and LoanMagic, a complete contact and workflow management system specifically designed for mortgage originators, announced today that Wells Fargo Funding has authorized the company’s eDisclosure and Click-Sign solutions for use by its correspondent mortgage lenders.
Any pre-authorized correspondent lender can now provide fully compliant initial disclosures that have been electronically presented to borrowers and signed online using DocMagic’s eDisclosure platform with Click-Sign at an introductory price of only $1 per transaction. Lenders that use eDisclosure are assured that the up-front disclosures they deliver to Wells Fargo Funding satisfy all of the institution’s electronic delivery requirements.
“We’re very proud to offer our solution to correspondents that work with our client, Wells Fargo Funding,” said Don Iannitti, president and CEO of Document Systems, Inc. “The savings for lenders are significant and our eDisclosure offering includes guaranteed regulatory compliance. Setting one simple flag in the request automates the process and our borrower-facing Click-Sign functionality makes it fast and easy for borrowers to consent to receive, view, and sign the documents.”
DSI’s eDisclosure provides all of the documents required during the 72-hour timeframe through a secure website. The process is in full compliance with federal E-SIGN legislation and Regulation Z, including the Federal Reserve Board's Official Staff Commentary relating to electronic disclosures. DSI monitors all aspects of the eDisclosure process and notifies the lenders via e-mail as borrowers access their documents.
In addition to the real-time notification, lenders receive a daily report containing all active eDisclosure engagements. DocMagic automatically notifies the lender if a borrower fails to access the eDisclosure within the first 48 hours. DSI can then facilitate the automatic physical production and delivery of the printed version within the remaining 24-hour period or DocMagic will alert the lender of the need to produce and mail a printed version. Either way, the lender remains in compliance.
“Not only does DocMagic’s eDisclosure make lenders more competitive, but it also saves them the time and money they would have spent on personnel, printing and postage." said Iannitti. "Getting the loan to the closing table quickly is of utmost importance. Automating this tedious process will allow lenders to focus on the only thing that will allow them to succeed in this environment, attracting more applicants and closing more loans."
The DocMagic eDisclosure process can be initiated from DocMagic Online, DocMagic for Windows, or any of a number of established LOS interfaces. DocMagic Direct Web Services are available to embed the functionality into a lender's existing system. The tool can be configured to attempt to deliver disclosures electronically on every loan or to allow the lender to use it only on select loans. For more information on delivering disclosures electronically, see DSI’s white paper on the company’s website at: www.docmagic.com/products/edisclosure-whitepaper.