eDisclosures by PPDocs, Inc.
PPDocs, Inc. has provided solutions to help lenders overcome regulatory obstacles
for years. Today, more than ever, PPDocs, Inc. is committed to assisting their
clients and industry partners meet the challenges of ever changing regulations.
Our new eDisclosure utility was designed for that very purpose.
The challenge...
- New regulations effective August 1, 2009 require the following:
- Borrowers must receive early disclosures
(more particularly the TIL) within three (3) days of application and before any
fees are collected, other than a reasonable fee to obtain credit history.
- Lender must wait seven (7) business days after receipt of the early disclosures
by the borrower before closing the loan.
- If, prior to closing, adjustments are made to the loan that change the APR and
exceed certain tolerances, the Lender must provide new disclosures and wait an additional
three (3) business days after receipt of the disclosures by the Borrower before
closing the loan.
The solution...
- The eDisclosure option notifies the Borrower(s) via e-mail that their disclosures
are ready for their review and acceptance.
- Borrower(s) receive their eDisclosures from a secure website by answering
three access questions.
- Borrower(s) consents to receiving their disclosures online.
- Borrower(s) review their disclosures on the screen, print them off, or save them
to disk and accepts them with a click of a button.
- All the while, eDisclosure process tracks, logs, and notifies the Lender
of the status of each event as evidence of completion.
Advantages of using our eDisclosure solution:
- Eliminate unnecessary wait times associated with overnight deliveries or couriers.
- Reduced costs. Our eDisclosures are significantly more affordable than
other available delivery and tracking options.
- The eDisclosure process complies with all requirements of the E-Sign
Act, including, demonstration of access, consent, receipt and acceptance.
All of which are logged with a time and date stamp for each event.
- Works with your existing provider. Use our delivery and tracking for third-party
disclosures.
Learn more about our eDisclosure solution.
- Memo by Michael Patterson outlining MDIA amendments to TILA/Reg Z Effective July 30, 2009
- WATCH POWERPOINT DEMO
Call us at 817.461.5500 for additional information and assistance.
* If you are not already a client.