Encomia Announces eDisclosures Customers
|March 18, 2008|
Encomia, a leading provider of end-to-end eMortgage technology, announced 23 new customers for Encomia eDisclosures, a solution designed to speed up the residential mortgage loan application process by enabling borrowers to review and sign their upfront disclosures and loan applications online.
Encomia’s eDisclosures enables brokers and lenders to create an electronic loan document package in their loan origination system (LOS) and post it online for signing in SMART Doc format, saving time and money by eliminating considerable amounts of paper and overnight shipping costs.
“The fact that the number of eDisclosures customers continues to increase since its debut in October 2007 demonstrates the product’s value to brokers and lenders,” said Andrew Krieger, COO of Encomia. “News of eDisclosures’ practicality in time and money savings is spreading.”
eDisclosures also makes the lending process easier for borrowers. A link to the application and disclosures is sent to borrowers by e-mail, allowing them to review and sign the documents when convenient.
“The eMortgage is quickly becoming the standard in the mortgage industry,” said Terry King, group chairman of Dallas-based MRG Document Technologies, a provider of compliance and documentation services for the financial industry that rolled out eDisclosures in January. “Doing things electronically expedites and simplifies the entire process. The borrower can look at everything and immediately resolve any questions or issues.”