Under the Home Mortgage Disclosure Act (HMDA), lending institutions are required to collect and disclose information regarding loan applications, originations, and loan purchases for home loans, home improvement loans, and refinancing loans.
“HMDA alone require the bank to complete 25 specific items on the Loan Application Register for every routine mortgage refinancing,” according to Bradley E. Rock, Chairman of the American Bankers Association. “Considering that more than 10 million mortgages were refinanced over the last three years, it is obvious that this is a huge burden.”
Lenders are asked to submit such reports electronically via encrypted email or secure file. Violating HMDA can result in sanctions, including civil money penalties. Because of this, lenders are relying more and more on technologies to help them automate this entire process.
Enterprise Content Management (ECM) from Digitech Systems
Digitech Systems ECM product suite – ImageSilo, the on-demand ECM service, and PaperVision Enterprise – allows lenders to easily scan, index, store, and manage loan-related documents electronically. This not only helps ensure HMDA compliance, but also significantly boosts efficiency and productivity. Additional benefits include:
- Integrate multiple data systems
- Automate document routing
- Store email messages for future retrieval
- Manage every document in a single, searchable ECM system
- Unlimited scalability
- Unlimited index fields
- Transforms scanned information into editable text
- Automatically identify any fields that failed to populate properly
- Generates reports showing who accessed what information
- Send statements to an unlimited number of branch officers or recipients
- And so much more!
If you would like to learn more about Home Mortgage Disclosure Act (HMDA) and Enterprise Content Management (ECM) from Digitech Systems, please contact Micro Records Company, Inc. by calling 877-410-SCAN or visit MicroRecord.com! We are a Digitech Systems Value-Added Reseller.
You can also follow us on Facebook, Twitter, LinkedIn, Google+, and YouTube as well!