DocuTech Launches Collaboration Portal to Simplify TRID Compliance

July 2, 2015

DocuTech, a provider of document and compliance services for lenders, has released its new Collaboration Portal to help lenders and settlement agents improve the speed and efficiency of validating fees for the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures.

Built within DocuTech’s flagship document engine, ConformX, the portal is an online platform that enables lenders to automate the validation of fees with settlement and closing agents. Lenders using the portal will be able to finalize fees quicker and more accurately, simplifying the process of issuing the initial Closing Disclosure and ensuring compliance with the new Integrated Disclosures rule. The addition to ConformX ensures data accuracy, eliminating errors on disclosures and closing documents.

“The two primary concerns with the upcoming integrated disclosures laws are the significant procedural change in the residential mortgage closing process and ensuring 100 percent compliance with the Integrated Disclosures rule. The rule puts significant responsibilities on lenders which currently are handled by title or settlement agents. Our portal is designed to help with those challenges,” said Scott K. Stucky, chief strategy officer for DocuTech. “DocuTech’s Collaboration Portal is the easiest and most innovative way for lenders and settlement agents to prepare documents that are accurate and that eliminate friction in the workflow.”

The Collaboration Portal securely sends fees to the settlement agent for validation, with the agents able to add their input. Lenders can then make the final call on fees and then issue the initial Closing Disclosure through ConformX ensuring compliance with the regulation.

ConformX enables the lender to generate documents with no additional data entry, since the loan data is pulled directly from the LOS. The software automatically creates mortgage documents and delivers a secure electronic delivery option, or paper-based fulfillment options, reducing operational costs and improving productivity.

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