Capsilon's DocVelocity solution now supports the e-signing of borrower disclosures.
Thus, it gives lenders the ability to automatically assemble disclosure packages and email them to borrowers to sign electronically. This is a function that is critical for compliance with the Consumer Financial Protection Bureau's (CFPB) new integrated disclosure rules.
The new version of the solution includes DocVelocity Signing Table, an intuitive user interface for electronic signing mortgage-related documents, provide consent to receive electronic disclosures and review and e-sign other documents, the company says in a release.
It also includes DocVelocity E-Vault, a secure location where legally binding, authoritative copies of electronically signed documents and their related transaction documents are stored and managed. E-Vault also protects the data through encryption and stores a document audit trail.
The new solution is compliant with the Uniform Electronic Transaction Act and the Electronic Signatures in Global and National Commerce Act.
Its design is based on Capsilon's vision of straight-through processing of mortgage loans by reducing the labor associated with printing, assembling, packaging and shipping documents that need to be signed by borrowers.