ISGN, a provider of end-to-end technology solutions and services to the U.S. mortgage industry, has launched EZEscrow, a fully-scalable escrow administration solution. EZEscrow provides lenders of all sizes with a way to stay compliant with one of the less talked about—but equally consequential—new mandates set forth by recent amendments to Regulation Z, which states that banks and credit unions must establish escrow accounts for all high-priced loan (HPL) transactions.
“This new escrow requirement hasn’t gotten nearly as much media attention as the first wave of changes that went into effect on the first of the year,” said Niraj Patel, group president of ISGN. “That lack of visibility makes the threat of noncompliance even greater. Lenders don’t have the constant reminder of how serious an issue this is, so a lot are in compliance violation simply because they’re unaware of these new rules.”
EZEscrow is a self-contained, scalable, Web-based technology and service hybrid solution for managing the entire escrow process. The system automates workflow for each step in the escrow process—from importing tax and insurance data, to calculating escrow account figures, to providing detailed reports and summaries. EZEscrow does not require any other data sources and offers a powerful platform architecture that is easily integrated with virtually any loan servicing platform. Lenders can easily update the EZEscrow system with base loan information, multi-property and collateral information, and multiple tax and insurance items. The system, which seamlessly transmits borrower tax payments and insurance policy data into the escrow management platform, even provides alerts and reminders for next steps and pertinent guidelines. EZEscrow was created based on 20-plus years of experience in escrow and loan servicing management.
“To ensure this level of compliance, lenders would need to build out systems and processes that are specifically designed to administer escrow accounts for these types of loans,” said Patel. “That can be a costly and time-consuming endeavor, which is why we’ve created EZEscrow—to provide an easy, scalable, turnkey solution for staying compliant.”
For more information, visit www.ISGN.com.