Approximately four years ago, the company began working with representatives from Countrywide Financial to speed up processing and delivery of loan documents in lieu of traditional systems, such as overnight courier services, at substantially less cost.
The rollout was delayed by the acquisition of Countrywide by Bank of America. The company projects a beta test of the product later this year and will now begin offering similar programs industry wide.
Additionally, after a transaction is completed, fully executed loan packages can be delivered to borrowers in a branded version of the company’s MyEsafeDepositBox virtual safe deposit box, similar to the private-labeled MyMedicalRecords site built by the company for Chartis Insurance, according to MMRGlobal.
If the borrower wants to keep his or her virtual safe deposit box, it can be invoiced on the bank’s loan processing statement, providing additional revenue of several hundred dollars a year per account to the bank, said the company.
The product will also have the ability to track borrower actions pertaining to the processing of documents, including tracking of opening and reviewing as well as authentication of approvals.
