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The new 3/7/3 Rule provides consumers defined time periods to review disclosures from their lenders. While the amendments provide additional protections to the consumer, they may postpone their closing date and the ability to receive funding for their mortgage on the day they originally planned for closing.
eOriginal SmartSign® Web electronic signature and vaulting solution enables lenders to reduce the delivery time from 3 days to the same day by electronically delivering the mortgage loan disclosures in real time and capturing evidence of receipt by the consumer.
Shortening the distance from application to closing, electronic transmission and delivery of disclosures streamlines the workflow process, assuring both the consumer and the lender of the timeliest closing.