– Partnership reduces time needed to implement new documents compliant with regulatory changes –
DocuTech Corp. (DocuTech), a leader in compliance services for mortgage documents, has selected Fredric Gooch as their preferred attorney for mortgage document preparation and review. Prior to the formation of his Texas law firm Gooch served as compliance counsel for DocuTech. In his new role, Gooch will provide legal services for Texas mortgage lenders through his law firm while also advising DocuTech on compliance matters. Gooch’s familiarity with DocuTech’s software and systems will reduce the time lenders must wait to access new mortgage documents in compliance with upcoming regulatory changes.
RELAY incorporates ConformX’s document compliance rules into a single data stream, enabling lenders to immediately generate, print and send disclosures and documents using data already entered into the LOS. Lenders can access and generate the compliant loan documents from any computer with an Internet connection. ConformX is backed by DocuTech’s compliance staff, which guarantees that all mortgage document packages are accurate and complete.
The state of Texas requires mortgage loan documents be prepared or reviewed by a licensed attorney. For lenders using DocuTech’s Web-based document compliance system, ConformX, this partnership will streamline the legal review, eliminating costly delays in generating new loan documents.
RELAY is an LOS designed to remove data integrity issues by bringing all loan applications into one framework. Lenders can choose the best applications for each step of the loan process and never have to reenter data or log out of the main system. RELAY uses a Universal Data Model, where disparate applications are run in one universal system so the data itself is never compromised.
“The final quarter of 2009 and beginning of 2010 will bring more regulatory changes to lenders than anytime this decade,” Gooch said. “Lenders cannot afford to spend extra time waiting on new documents to be approved, so this arrangement will ensure all changes are completed by the first day of each new regulation.”
“The easiest way to ensure that disclosures and documents are accurate and meet all regulatory guidelines is to ensure the data is correct,” said Ty Jenkins, CEO for DocuTech. “ConformX’s integration into Blueberry Systems’ RELAY eliminates the need to separately enter data, providing lenders with one workflow from the initial application to the closing table.”
Some of the regulatory changes lenders will have to adjust their loan documents for include the, Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) which includes dramatic changes to the Good Faith Estimate (GFE) for initial disclosures.
Gooch said that his law firm has made DocuTech’s ConformX the preferred document solution for his mortgage documentation legal services. ConformX works behind the loan origination software (LOS) to create documents with minimal screens, automatic data and doc verification. DocuTech’s fulfillment center also generates, prints and delivers compliant initial disclosures to prospective borrowers within government-mandated timelines through both electronic and mail-based systems.
“Texas has weathered the current market remarkably well,” Ty Jenkins, CEO of DocuTech, said. “Fredric’s services ensures that both regional lenders operating in Texas and Texas-based lenders will have immediate access to the most accurate and compliant disclosures and closing documents in the market.”
About DocuTech Corp
Since 1991, Idaho Falls, Idaho-based DocuTech Corp. (DocuTech) has provided outstanding compliance services and documentation technology for the mortgage industry. The company specializes in closing documents, initial disclosure documents, borrower doc delivery and integrated compliance checks. DocuTech manages and secures all information needed for a loan, guaranteeing accuracy, security and compliance. For more information visit the company’s Web site at www.docutechcorp.com.
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