In today’s fast-paced mortgage industry, staying compliant while efficiently managing disclosure documents can be challenging. The Encompass 360 eDisclosure Fulfillment Service offers a solution to automate and streamline this critical process. Let’s explore how this service works and its key features to help mortgage lenders maintain compliance and improve workflow efficiency.
What is the Encompass 360 eDisclosure Fulfillment Service?
- The Encompass 360 eDisclosure Fulfillment Service is an automated system that helps mortgage originators manage and track initial disclosure packages sent to borrowers.
- It automatically notifies Encompass 360 originators if borrowers fail to access electronic Initial Disclosure packages within a specified timeframe.
- If borrowers don’t access the package, ICE Mortgage Technology automatically prints and ships the disclosure package to the borrower securely.
- The service costs $10 per package and includes secure transmission and shipping by ICE Mortgage Technology.
Key Features and Benefits
- The service allows users to schedule fulfillment and set timeframes for when packages are fulfilled.
- It provides automatic notifications when borrowers access packages, fail to accept packages within specified timeframes, or decline to receive packages electronically.
- The system helps ensure compliance with RESPA regulations by facilitating timely delivery of initial disclosures.
- It reduces manual follow-up tasks for loan team members, improving overall efficiency.
When Does the Fulfillment Service Send eDisclosures?
- The eDisclosure Fulfillment Service sends packages when borrowers have not viewed the document package by the Scheduled Fulfillment Date.
- For loans with co-borrowers, fulfillment packages are mailed when one or more borrowers have not viewed the documents before the Scheduled Fulfillment Date.
- Fulfillment packages are triggered regardless of whether the borrower has provided consent to view the documents electronically.
- In scenarios with a single borrower, if they consent to receive documents electronically but do not view them by the Scheduled Fulfillment Date, a package will be sent.
- For loans with co-borrowers where both consent to receive documents electronically:
- If neither co-borrower views the documents by the Scheduled Fulfillment Date, a package will be sent.
- If one co-borrower views the documents but the other doesn’t by the Scheduled Fulfillment Date, a package will still be sent.
- For loans with multiple 1003s, separate fulfillment packages may be triggered for each borrower pair if they haven’t viewed their respective documents.
- Fulfillment packages are typically mailed to the primary borrower by default, but this can be manually changed during the eDisclosure process.
- The same rules apply for redisclosures using the eDisclosure Fulfillment service.
- Packages are sent within 24 hours of the trigger event, with shipping services available during working hours, Monday through Friday (excluding government holidays).
Setting Up eDisclosure Package Notifications
- Users can enable notifications for when borrowers receive the package electronically.
- Notifications can also be set up for when borrowers don’t access the package by a specified date.
- These notifications appear as pop-up messages and are also available in the Pipeline and Alerts & Messages tab in Encompass 360.
- Email notifications are sent to selected recipients if borrowers don’t access the package within the specified timeframe.
Handling Special Scenarios
- For loans with multiple 1003s, separate packages must be sent to each borrower pair.
- Fulfillment packages are mailed to the primary borrower by default, but recipients can be changed manually.
- The service doesn’t fulfill eSign disclosures that have been converted to Wet Sign disclosures due to authentication failures.
- Redisclosures follow the same rules as initial disclosures for eSign, Wet Sign, co-borrowers, and multiple 1003s.
Implementing the eDisclosure Fulfillment Service
- Administrators can start or stop the service using the eDisclosure Fulfillment tool in Encompass 360 Settings.
- They can set default options, such as automatically scheduling fulfillment for all packages.
- Access to manual fulfillment options is persona-based and configured by administrators.
Billing and Tracking
- Billing invoices include loan numbers, dates, and borrower names associated with each fulfillment package.
- Multiple fulfillment packages for the same loan file are billed separately but displayed together on the invoice.
- Users can track document viewing dates and fulfillment details using the Disclosure Tracking Tool in Encompass 360.
Looking for more information on Encompass 360 eDisclosure Fulfillment or need help with implementing any technology solution within Encompass 360, leave us a message.
