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.
This blog is the second part of our series regarding Disclosure Tracking Tool in Encompass. To read the first part, please follow the link below:
Maximizing the Disclosure Details Window
- Double-clicking a Disclosure History entry opens the Disclosure Details window, providing in-depth information about each disclosure.
- The Details Tab offers crucial disclosure information, including when and how the disclosure was sent and received, as well as a loan snapshot of key fields disclosed to the borrower.
- The Reasons Tab displays one or more reasons for redisclosure, if applicable, including any changed circumstances and related comments.
- For electronic disclosures, the eDisclosure Tracking Tab shows the status of borrower interactions and fulfillment details.
Leveraging Additional Features for Enhanced Compliance
- The tool allows users to manually enter dates by clicking the blue Lock icon, providing flexibility when needed.
- An eConsent feature tracks when borrowers consent to receive loan documents electronically, streamlining the digital disclosure process.
- The Earliest Fee Collection date is automatically calculated, helping lenders avoid collecting fees prematurely and potentially violating regulations.
- Post-consummation disclosures are tracked separately, ensuring continued compliance even after the loan has closed.
Integrating with Other Encompass Tools
- The 2015 Disclosure Tracking Tool seamlessly integrates with other Encompass features, such as the eFolder and printing functions.
- When printing Loan Estimates and Closing Disclosures together, the system prompts users to create appropriate tracking entries, maintaining accurate records.
- The tool connects with the eDisclosure Fulfillment Service, automatically populating relevant fields with package creation and sending details.
Utilizing Reporting and Output Options
- Users can generate comprehensive reports on disclosure tracking by using the Print icon in the upper-right corner of the tool.
- The Standard Forms tab allows selection of specific disclosure tracking forms for output.
- Options for output include Preview, Print, Print to File, and Add to eFolder, providing flexibility in how the information is used and shared.
Best Practices for Optimal Use of the 2015 Disclosure Tracking Tool
- Regularly review and update the Compliance Timeline to ensure all deadlines are met and compliance is maintained.
- Utilize the automatic tracking features whenever possible to minimize manual entry errors and save time.
- Take advantage of the Loan Snapshot feature to quickly review key loan details at various stages of the disclosure process.
- Regularly audit the Disclosure History to ensure all required disclosures have been sent and received within the appropriate timeframes.
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