Mercury Network has announced new features added to their SureReceipts service for lenders to securely deliver documents to borrowers in compliance with the new ECOA Valuations Rule disclosure requirements.
As with all new features, the SureReceipts enhancements were deployed across the entire user base, giving over 600 lenders and AMCs the ability to document a borrower’s consent for electronic delivery in compliance with the E-Sign Act component of the new ECOA requirement. With the enhancement, the borrower’s acceptance or dissension is recorded separately from the document download in the transaction audit trail. In addition, if a borrower declines electronic delivery, the file can be automatically pushed to the user’s “Action Required” folder to prevent disclosure compliance violations and closing delays.
“All Mercury Network users have access to the SureReceipts service at no charge, but when the ECOA Valuations Rule took effect in January, many platforms and their lender customers weren’t prepared with a solution to document the borrower’s receipt of the appraisal”, said Jennifer Miller, president of a la mode’s Mortgage Solutions Division. “We acted quickly to open the service to any lender or AMC, regardless of the other software tools they use, to provide a stand-alone eDisclosure solution for compliance.”