Fifth Third Mortgage Co., a subsidiary of Fifth Third Bank, has begun using Wolters Kluwer Financial Services' Secure Document Exchange (SDX) service to electronically deliver home-loan application disclosures and appraisals to borrowers.
The SDX service allows Fifth Third Mortgage to deliver the disclosure and appraisal documents to borrowers in minutes electronically versus the days it would take by mail, Wolters Kluwer Financial Services notes. Borrowers also have the option of securely ‘eConsenting’ and returning disclosures to Fifth Third Mortgage through SDX.
Additionally, the SDX service helps Fifth Third Mortgage comply with sending disclosures to borrowers within 72 hours after application. As a result, the lender 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 says.