The eDisclosure feature in Encompass® allows users to generate and send initial disclosure packages electronically to borrowers. Here’s a brief overview of how it works and some key functionalities:
- Generating eDisclosure Packages: Users can generate an initial disclosure package and send it to borrowers. Borrowers are notified via email that the documents are available on a secure website. They can then print, sign, and return the documents by fax or mail, or provide an electronic signature.
- Customizing Packages: Authorized users can reorganize, add, or remove documents from the package. The documents included are based on the selected plan code and loan-specific information.
- eConsent: Before borrowers can receive documents electronically, they must review and accept the eDisclosures Agreement. This can be managed through the eConsent Request feature, which sends an email with a link to the agreement form.
- Alerts and Notifications: Alerts can be set up to notify users when eDisclosures are required. These alerts can be triggered by specific events or milestones in the loan process.
- Borrower Authentication: Borrowers may need to answer security questions or use an authorization code to access the documents.
- Tracking and Management: The eDisclosure Tracking tab provides details about when borrowers take action on the eDisclosure package, and users can view audit trails for each package.
