a la mode’s Mercury Network has announced the expansion of its SureReceipts service to a universally available eDisclosure compliance solution. SureReceipts securely sends any document to borrowers in compliance with disclosure requirements, and it automatically produces an audit trail on every send for compliance verification.
SureReceipts can be deployed quickly by lenders of all sizes, and is now available as a stand-alone, Web-based service or as an API for integration in existing workflow systems.
As lenders are learning, some the hard way, providing electronic copies of some documents is not simply a matter of e-mailing them to borrowers, or even blasting out links to download the documents. New ECOA requirements mandate certain specific disclosures and demonstrations by the borrower of their ability to receive electronic documents, before they download anything.
“We’ve heard from many lenders recently who could be in violation of the new ECOA Valuations
Rule because they aren’t gathering the required borrower acknowledgements prior to electronic
delivery of the appraisal, as required by ECOA’s E-Sign provisions," said Jennifer Miller, president
of a la mode’s Mortgage Solutions Division. “SureReceipts has long been integrated in Mercury
Network, so lenders using Mercury as a vendor management platform have always had it. But
opening it to any lender was a simple solution to a widespread compliance challenge, and keeping
SureReceipts less expensive than the cost of postage and mailing was a no-brainer.”
SureReceipts is powered by a la mode’s SureDocs technology backbone, an eDisclosure solution used by tens of thousands of mortgage originators since 2006 to apply over 7.3 million compliant eSignatures. Lenders using SureReceipts to automate compliance with disclosure requirements will be leveraging the secure SureDocs custodial technology to deliver compliant eDisclosures. They will also eliminate error-prone manual processes, while dramatically decreasing their risk of costly penalties.