Mercury Network announced new features added to their popular SureReceipts™ service for lenders to securely deliver documents to borrowers in compliance with the new ECOA Valuations Rule disclosure requirements.
As with all new features, the SureReceipts enhancements were deployed across the entire user base, giving over 600 lenders and AMCs the ability to document a borrower's consent foe electronic delivery in compliance with the E-Sign Act component of the new ECOA requirement. With the enhancement, the borrower's acceptance or dissension is recorded separately from the document download in the transaction audit trail. In addition, if a borrower declines electronic delivery, the file can be automatically pushed to the user's "Action Required" folder to prevent disclosure compliance violations and closing delays.
"All Mercury Network users have access to the SureReceipts service at no charge, but when the ECOA Valuations Rule took effect in January, many platforms and their lender customers weren't prepared with a solution to document the borrower's receipt of the appraisal", stated Jennifer Miller, president of a la mode's Mortgage Solution Division. "We acted quickly to open the service to any lender to AMC, regardless of the other software tools they use, to provide a stand-alone eDisclosure solution for compliance."
SureReceipts has already been used to document successful electronic delivery of the appraisal to over 110,000 borrowers since its launch in January. SureReceipts is available to any lender or AMC now for only 50¢ per send, or via API for seamless workflow integrations. For more information on the service and the new compliance regulations, visit www.MercuryVMP.com/SureReceipts.
About a la mode
Celebrating 28 years as a mission-critical workflow technology leader in the real estate and mortgage industries, a la mode's products are used by hundreds of thousands of appraisers, salespeople, inspectors, and lending professionals to power more than 50% of all residential real estate transactions in the US each year. a la mode's flagship product for the lending industry is its Mercury Network, the nation's premiere valuation Vendor Management Platform with over 20,000 transactions a day. In the appraisal sector, its TOTAL desktop software line is dominant, used by more appraisers than all other brands combined. And in the agent market, a la mode's Broker Reciprocity and Analytics products enjoy top-tier direct access to MLS listings and sales data via integration contracts with local boards service more than 500,000 licensed salespeople nationwide.
a la mode is headquartered in Naples, FL, with additional offices and approximately 200 employees located in Oklahoma City, Salt Lake City, and Washington, DC. For more information about the company, visit www.alamode.com.
Mortgage Solutions Division
a la mode, inc.