Under pressure from a tight credit and regulatory environment, companies in the mortgage space have responded by leveraging technology to gain more ground. In some cases this has meant adapting current systems to accommodate new processes, and in others, it has meant creating entirely new mortgage technology products.
In this section we highlight products that are game-changers for companies working hard to adhere to regulations while still providing great service to their clients. The list features products ranging from new mobile platforms to a loan-level audit capability that will reshape the way audits are done for years to come.
By tackling the challenges head-on, these companies are setting themselves up for long-term success. The efficiencies they see today will continue to pay dividends in the future as they realize significant gains from a faster, more streamlined process.
Complying with changing mortgage regulations, including the new TILA-RESPA Integrated Disclosure rule, has never been more important — or more difficult to achieve. As lenders try to meet compliance demands, they find themselves spending more time and money on personnel and systems that drive up the net cost to originate mortgage loans, which rose to $5,597 in the first quarter.
DocuTech developed ConformX to address these changing compliance needs. ConformX provides innovative dynamic document technology, facilitating faster and more accurate management of document packages and delivery. The difference is in the dynamic nature of the document engine.
“Other document solutions are static, template-based systems that are cumbersome, slow and difficult to manage,” said Scott K. Stucky, chief strategy officer. “ConformX allows lenders to focus their efforts on making loans and leave the necessary compliance documentation up to us.”
ConformX manages the document generation and ensures all critical data is included prior to delivering the document packages. The document package isn’t pre-defined, but is generated on the fly based on the loan data submitted from the Loan Origination System, so it saves on unnecessary document creation and virtually eliminates costly change management.
Critical to the TRID rule specifically, ConformX manages the tolerances between the Loan Estimate and the Closing Disclosure, ensuring lenders stay in compliance all through the process, all the time.
“ConformX enhances efficiency by only creating the documents necessary based on the actual loan data. Since documents are generated literally a sentence and paragraph at a time, you only get the documents you need, no overkill,” Stucky said.
ConformX gives lenders confidence that the final loan product is compliant, since it incorporates automated system defaults and rules-based data population. This automation reduces the possibility of human error in the loan process and also prevents data modification outside of the LOS, since the data is imported directly from the LOS.
Another advantage lenders get from using ConformX is scalability. As loan volume changes, ConformX scales up or down as needed. This innovative solution means that changes in regulation no longer require a major software overhaul.
“The dynamic technology allows DocuTech to manage document changes very quickly, without having to touch each template. This makes compliance much easier for the lender,” Stucky said.
- Web-based application
- Dynamic workflow control
- High cost loan check
- Predatory lending check
- Configurable automated defaults
- Print fulfillment
- Closing collaboration portal
Users can access ConformX from anywhere, at any time. And the security and reliability of DocuTech’s data centers guarantee 100% redundant fail-over capabilities.
A Closing Collaboration Portal within ConformX provides a simple-to-use tool that allows lenders to work in conjunction with settlement agents in advance of the loan closing to ensure all of the fees are up to date and accurate, while providing a full loan audit trail along the way. This close collaboration is essential for complying with TRID, and the Closing Collaboration Portal addresses this vulnerable area for lenders by improving loan accuracy.
“DocuTech is the proven leader in innovative document technology. We are constantly listening to our clients and partners to build enterprise solutions that exceed expectations,” Stucky said.