“We are rethinking a decades-old disclosure process to meet the needs of the future of mortgage lending,”
St. Louis, MO (PRWEB) May 14, 2015
VidVerify is excited to announce its official launch at the Mortgage Bankers Association’s National Secondary Market Conference & Expo on May 17, 2015 in New York City. For the first time ever, video communications are being integrated into the mortgage process to modernize interactions between lenders and borrowers. “We are rethinking a decades-old disclosure process to meet the needs of the future of mortgage lending,” said President Timothy Stern.
With unprecedented regulatory scrutiny and an increasingly complex origination process, the mortgage industry needs a solution like VidVerify to standardize messaging and enhance transparency.
VidVerify has developed a suite of uniform videos for lenders to provide to borrowers to explain the mortgage and disclosure processes. Videos are vetted through a lender’s compliance department and then distributed through an easy-to-use online platform. VidVerify interfaces directly with a lender’s loan origination system so no manual inputs are required. Instead, the entire process can be automated. The reporting feature allows providers to track and document consumer video watching, creating a valuable audit trail and safety net against lawsuits and regulatory investigations, virtually eliminated the ‘he said, she said’ problem.
Stern said, “As every originator at this conference understands, we face a growing risk of regulatory violations and borrower misunderstandings stemming from a confusing disclosure process and informal discussions with loan officers.”
The Consumer Financial Protection Bureau (CFPB) has raised the stakes with its Know Before You Owe Initiative, placing the onus of consumer education on the mortgage provider. The CFPB’s Truth in Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA) Integrated Disclosures (TRID) become effective August 1, 2015. This roll out will further underscore the importance of borrower communications, leaving many lenders concerned about how to deliver and explain these new disclosures to borrowers. VidVerify can tackle all of these regulatory obligations seamlessly and automatically.
Consumers also serve to benefit from VidVerify’s products. Consumers can enjoy relatable video disclosures at their convenience, with all of the details of their loan type and loan process explained in plain English instead of industry jargon. For all parties involved, VidVerify can take the stress and hassle out of the consumer-lender dialogue.
Vidverify is a platform that enables lenders to provide the borrower and loan officer with a series of customized videos that automatically deliver a clear, concise and consistent message throughout the loan process. In the face of CFPB audits, Dodd Frank and compliance requirements, Vidverify allows lenders to get in front of potential regulatory issues by educating borrowers to the mortgage process. VidVerify provides clear explanations of paperwork and definitions of all relevant mortgage terms. Additionally, Vidverify provides lenders with an audit ready system that monitors whether or not the intended video is viewed. The system is automated and easy to use!