DocMagic Inc. has announced that it has a variety of solutions available that easily and efficiently enable a lender to be compliant with the ECOA Valuation Rule, no matter what the lender’s business rules are.
Under the ECOA Valuation Rule, a creditor must provide an applicant with a copy of the appraisal and other written valuations "upon completion, or three business days prior to consummation of the transaction, whichever is earlier." This means that the lender must prove that in fact, the delivery of the appraisal occurred within the prescribed time requirements. If the appraisal is revised, then a new appraisal must be sent to the borrower. The appraisal or written valuation must automatically be provided, regardless of whether credit is extended, denied, incomplete or withdrawn.
"DocMagic has solutions ready today that will keep lenders compliant with the ECOA Rule," said Dominic Iannitti, president and CEO of DocMagic. "With DocMagic, a lender can ensure that they deliver (or redeliver) the appraisal or written valuation to borrowers, complete with tracking, eSignature options and fulfillment to ensure compliance and be able to prove to anyone that needs to know, that the appraisal was delivered to the borrower on time. We are our customer's trusted regulatory compliance source because we provide the tools required to keep their operations fully compliant without compromising the effectiveness of their internal teams."