they may postpone their closing date and the ability to receive funding for their mortgage on the day they originally planned for closing.
Baltimore, MD (Vocus) August 27, 2009 -
eOriginal Inc., a leader in electronic signature, secure document management and transferable records solutions, announced today that Margo Tank, Esq., a Partner at BuckleySandler, LLP and an expert in compliance with the laws and regulations governing electronic financial services transactions and Stephen Bisbee, CEO of eOriginal, Inc., will address how electronic delivery of Truth in Lending Act (TILA) required consumer disclosures can help home loan lenders, mortgage and real estate brokerages, title and real estate agents and others in the loan process to ensure the shortest appropriate disclosure time periods and reduce the distance between loan application and closing.
Recent congressional amendments to TILA known as the Mortgage Disclosure Improvement Act of 2008 have been included in a final rule amending Federal Reserve Regulation Z. Known as the "3/7/3 Rule", these amendments went into effect July 30, 2009 and have a significant compliance impact. The new 3/7/3 Rule provides consumers with defined time periods to review mortgage disclosures from their lenders.
"While the amendments provide additional protections to the consumer," Mr Bisbee explained, "they may postpone their closing date and the ability to receive funding for their mortgage on the day they originally planned for closing."
During the 50-minute Live Webcast, Ms. Tank and Mr. Bisbee will draw upon their experiences in the integration of electronic delivery and to address the following issues including:
- How can electronic delivery of mortgage disclosures allow lenders to reduce the three day delivery period to same day?
- How does an electronic mortgage disclosure delivery and signature solution accelerate collection of application, appraisal and other fees?
- Strategies for meeting the 3/7/3 Rule's electronic receipt requirements.
- Complying with ESIGN under the new rules.
- What are the other cost savings factors for "going electronic" in addition to closing the gap on disclosures and re-disclosures?
Lenders, mortgage companies, title and real estate agents will gain an understanding of how using electronic disclosures can bring their clients to the settlement table faster with less diversion of valuable personnel and resources.
About eOriginal, Inc.:
eOriginal, Inc. provides advanced electronic delivery, signature and vaulting solutions which enable organizations to eliminate paper while legally protecting their assets as Electronic Original® documents which are managed and transitioned as tamper-evident, auditable and legally enforceable. eOriginal SmartSign® Web enables compliance with the eSignature requirements of the ESIGN Act and provides the "evidence of receipt" of the consumer mortgage loan disclosure as required by MDIA. eOriginal has enabled the secure, verifiable delivery of mortgage and other financial industry documentation for over a decade. eOriginal customers, including top-tier financial institutions, have processed millions electronic signatures on documents without a single system error or legal challenge.
About Buckley Sandler, LLP:
BuckleySandler LLP represents many of the nation's leading banks, mortgage lenders, mortgage servicers, credit card companies, insurance companies, securities firms and other financial services companies, applying its extensive expertise across the full range of enforcement, litigation, transactional, regulatory, and public policy issues confronting the financial services industry. With over 50 lawyers in Washington, DC, Los Angeles, and New York, BuckleySandler provides best-in-class legal counsel to meet the challenges of our clients in an ever-changing and tumultuous legal, regulatory and legislative environment.
Pattie Newton-Pupo, Media Relations
Samantha H. Moritz, Director Sales & Marketing