Document Systems delivers electronic disclosuresmortgagepress.comDocMagic, eDisclosure, pre-disclosure documents, E-Sign
Document Systems Inc. (DSI) has released DocMagic eDisclosure, a
service that permits lenders to deliver up-front loan disclosures
to borrowers electronically. The automated service will deliver a
pre-disclosure document package that consists of a Good Faith
Estimate, Truth in Lending disclosure, state-specific disclosures
and other required documents through a secure Web site.
With DocMagic eDisclosure, borrowers are directed to the site
via an e-mail message sent out automatically by the company's
DocMagic software and then prompted to provide their consent to
receive the disclosure documents electronically. The process is in
full compliance with federal E-Sign legislation and Regulation
Z.
DSI monitors all aspects of the eDisclosure process. As
borrowers access their documents via the eDisclosure system,
lenders are notified via e-mail. It lets the lender know when the
borrower opened the e-mail, when the documents were actually viewed
and also includes a record of the completed E-Sign consent
agreement. Furthermore, a daily status report is e-mailed that
summarizes the status of every loan in the pipeline or, optionally,
DSI has developed a Web service application program interface for
the system allowing a lender to integrate the service into their
own environment.
Headquartered in Carson, Calif., Document Systems Inc. develops
mortgage technology for compliant loan document preparation and
customer contact management. For more information, call (800)
649-1362 or visit www.docmagic.com.
