Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, has announced that it is using Wolters Kluwer Financial Services’ Secure Document Exchange (SDX) service to securely and electronically deliver home loan application disclosures and appraisals to borrowers. The SDX service makes it more convenient for Fifth Third Mortgage Company customers to receive disclosures and appraisals. It does so by delivering these documents to them in minutes electronically versus the days it would take by mail. Borrowers also have the option of securely eConsenting and returning disclosures to Fifth Third Mortgage Company through SDX.
Additionally, the SDX service helps Fifth Third Mortgage Company more effectively comply with sending disclosures to borrowers within 72 hours after application. As a result, Fifth Third Mortgage Company is better equipped to document that required disclosures were sent to borrowers as required by the Real Estate Settlement and Procedures Act (RESPA). Wolters Kluwer Financial Services can also print and mail paper disclosures to Fifth Third Mortgage Company’s borrowers when needed through the company’s mail fulfillment center.
Fifth Third Mortgage Company has realized considerable time and cost-savings using SDX through reduced printing, handling and mailing costs versus the traditional manual, labor-intensive paper-based process of mailing disclosures and appraisals to borrowers.
“As mortgage lenders continue to comply with updated regulatory processes, we’ve found Wolters Kluwer Financial Services’ SDX service beneficial both for our customers and for Fifth Third Mortgage Company,” said Cindy Manser, senior vice president and National Operations and Fulfillment Manager for Fifth Third Mortgage Company. “The SDX service is another product that is bringing the Mortgage Company into the digital age.”
“Wolters Kluwer Financial Services is very excited to help Fifth Third Mortgage Company become even more competitive in today’s challenging lending marketplace with our SDX service,” said Jason Marx, vice president and general manager, Mortgage, Wolters Kluwer Financial Services.
For more information, visit www.WoltersKluwerFS.com/SDX.