The 2015 Disclosure Tracking Tool is an essential resource for lenders using the 2015 RESPA-TILA forms. This comprehensive guide will walk through the key features and benefits of the Disclosure Tracking Tool in Encompass 360, helping lenders to maintain compliance and streamline the disclosure processes
Understanding the Basics of the 2015 Disclosure Tracking Tool in Encompass
- The 2015 Disclosure Tracking Tool in Encompass provides crucial information on disclosure timelines, tracking dates, and disclosure history for loans using the 2015 RESPA-TILA forms.
- This tool enables lenders to log Loan Estimates, Closing Disclosures, and other essential documents while following timelines to ensure compliance with 2015 RESPA-TILA regulations.
- The tool is divided into several sections, including LE Tracking, CD Tracking, Compliance Timeline, and Disclosure History, each serving a specific purpose in the disclosure tracking process.
Navigating the LE Tracking Section
- The LE Tracking section lists all Loan Estimates, Settlement Service Providers Lists, and Safe Harbor disclosures sent to the borrower.
- It records important dates such as when the first Loan Estimate was sent and received, as well as any revised Loan Estimates.
- The section also tracks the sent dates for Settlement Service Providers Lists and Safe Harbor disclosures, ensuring all necessary information is properly documented.
Utilizing the CD Tracking Section
- The CD Tracking section focuses on Closing Disclosures and post-consummation disclosures sent to the borrower.
- It records the sent and received dates for the initial Closing Disclosure, any revised Closing Disclosures, and post-consummation disclosures.
- This section helps lenders maintain a clear record of all Closing Disclosure-related communications, supporting compliance efforts.
Leveraging the Compliance Timeline
- The Compliance Timeline calculates critical time periods and dates according to the 2015 RESPA-TILA regulations.
- It includes important milestones such as the Application Date, LE Due date, eConsent date, Intent to Proceed date, Earliest Fee Collection date, and Estimated Closing date.
- By utilizing this timeline, lenders can ensure they’re meeting all required deadlines and maintaining compliance throughout the lending process.
Disclosure History Section
- The Disclosure History section contains a tracking entry for each disclosure sent to a borrower.
- Entries can be added automatically when using the eFolder, manually by clicking the New icon, or by responding to prompts when previewing or printing documents.
- This comprehensive history allows lenders to maintain a detailed record of all disclosures, supporting audit trails and compliance verification.
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