Compliance concerns represent the most important aspect of initial disclosure documents, according to a survey conducted by International Document Services (IDS), a Salt Lake City-based mortgage document preparation provider.
IDS, with a survey of more than 600 lenders, sought to determine experiences and expectations regarding initial disclosure documents. Compliance was cited as the single most important feature by 90.5% of respondents, with ease of use placing second at 67.9% and fulfillment ranking third at 63%. Other concerns among respondents were pricing (53.6%), electronic delivery (42.9%), electronic consent forms (35.7%) and e-signatures (32.1%).
‘Initial disclosures have been the nexus of mortgage industry regulation and consumer protection since 2010,’ says Mark Mackey, executive vice president of IDS. ‘With the Consumer Financial Protection Bureau's imminent changes to initial disclosures and closing documents, plus the FHA's acceptance of e-signatures, it's likely that docs will remain a dominant topic of mortgage industry dialogue in 2012.’