eOriginal Inc. has announced that Margo Tank Esq., a partner at BuckleySandler LLP and an expert in compliance with the laws and regulations governing electronic financial services transactions and Stephen Bisbee, CEO of eOriginal Inc., will address how electronic delivery of Truth in Lending Act (TILA) required consumer disclosures can help home loan lenders, mortgage and real estate brokerages, title and real estate agents and others in the loan process to ensure the shortest appropriate disclosure time periods and reduce the distance between loan application and closing.
Recent congressional amendments to TILA known as the Mortgage Disclosure Improvement Act of 2008 have been included in a final rule amending Federal Reserve Regulation Z. Known as the “3/7/3 Rule”, these amendments went into effect July 30, 2009 and have a significant compliance impact. The new 3/7/3 Rule provides consumers with defined time periods to review mortgage disclosures from their lenders.
“While the amendments provide additional protections to the consumer,” said Bisbee, “they may postpone their closing date and the ability to receive funding for their mortgage on the day they originally planned for closing.”
During the 50-minute live Webcast, Tank and Bisbee will draw upon their experiences in the integration of electronic delivery and to address the following issues including:
► How can electronic delivery of mortgage disclosures allow lenders to reduce the three day delivery period to same day?
► How does an electronic mortgage disclosure delivery and signature solution accelerate collection of application, appraisal and other fees?
► Strategies for meeting the 3/7/3 Rule’s electronic receipt requirements.
► Complying with ESIGN under the new rules.
► What are the other cost savings factors for “going electronic” in addition to closing the gap on disclosures and re-disclosures?
Lenders, mortgage companies, title and real estate agents will gain an understanding of how using electronic disclosures can bring their clients to the settlement table faster with less diversion of valuable personnel and resources.
For more information on registering for the “eDisclosure and the 3/7/3 Rule” live Webcast, click here.