IDAHO FALLS, Idaho--(BUSINESS WIRE)--DocuTech Corp., an Idaho-based leader in mortgage document compliance services for lenders nationwide, has taken a leadership role in two initiatives. DocuTech is leading a response from lenders to the Consumer Financial Protection Bureau’s (CFPB) recently announced Project Catalyst, which seeks to involve mortgage executives in testing new disclosure forms, and the company has been tasked with providing monthly analysis of top compliance issues in a leading publication dedicated to the mortgage industry.
“The CFPB recognizes that what seems like a good idea in theory often hits unexpected obstacles when put into full production”
The CFPB has been working on new mortgage disclosure forms, which outline the expected closing costs and terms of the mortgage for consumers, for the past 18 months. As part of this initiative, the Bureau’s goal is to encourage banks, credit unions and other financial services companies to propose and conduct trial disclosure programs. As an expert in the issues facing mortgage documents, DocuTech is leading a group of lenders in testing different formats to provide feedback to the CFPB.
“The CFPB recognizes that what seems like a good idea in theory often hits unexpected obstacles when put into full production,” said Scott K. Stucky, chief operating officer for DocuTech. “We are in a unique position to help lenders not only evaluate the disclosures from a content perspective, but to also test ease of implementation and the impact to operations.”
DocuTech’s general counsel and vice president of Compliance, Fredric Gooch, has also been tapped to provide ongoing analysis of compliance issues facing the mortgage industry for National Mortgage News, the mortgage industry’s leading trade publication. Gooch’s columns began in December, with the first issue focusing on the CFPB’s proposed rules deadline on January 21, 2013, and will run monthly, outlining the impact of regulatory changes to lenders.
DocuTech’s flagship software, ConformX, enables mortgage lenders to generate mortgage documents from any Internet connection. The software automatically creates guaranteed compliant mortgage documents and delivers precision loan packages. ConformX supports electronic documents in all phases of the loan process – eDisclosures, eDocs, eSignature and eFiling – ensuring that lenders always have the choice to originate and close a paperless mortgage. DocuTech’s automated document compliance system drastically lowers document costs and reduces the time spent maintaining a library of compliant documents by creating dynamic documents that fit each individual loan’s specific needs.
Since 1991, DocuTech Corp. (DocuTech) has provided outstanding compliance services and documentation technology for the mortgage industry. DocuTech's software interfaces with leading loan origination systems (LOS) and enables mortgage professionals to generate documents locally. 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.