If your business involves lending money for home mortgages, then you must comply with the Home Mortgage Disclosure Act (HMDA), which was enacted by Congress in 1975 and implemented by the Federal Reserve Board. The act requires lenders to collect and disclose information about housing-related loans and applications via a standard electronically-submitted report. Lenders must also ensure report accuracy, protect consumer privacy, and disclose a statement to the public.
A Violation of HMDA guidelines could be costly, resulting in civil fines and much more.
“HMDA alone requires the bank to complete 25 specific items on the Loan Application Register for every routine mortgage refinancing,” said 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 reporting burden.”
To help perform the above processes more efficiently, Digitech Systems has developed several technologies to help manage information electronically, control record completeness and accuracy, disclose data in a secure format, and save money, all while complying with HMDA guidelines.
ECMNOW! From Digitech Systems
ECMNOW! Allows users to integrate multiple data systems, automate document routing and store email messages for retrieval. This allows users to manage all of their data in a single, searchable system, which is beneficial in several ways, including:
- Improve efficiency
- Compliance with HMDA
- Enable users to convert paper loan applications to electronic files
- Identify and search documents quickly
- Control information and verify reports
- Ensure indexing accuracy
- Provide audit reports
- Easily hide personal information
- Save Money
- And more!
Best of all, ECMNOW! simplifies HMDA report distribution!
If you would like to learn more about ECMNOW! from Digitech Systems, please contact Micro Records Company, Inc. by calling 877-410-SCAN or visit MicroRecord.com!
Since 1997, Digitech Systems has offered a comprehensive Enterprise Content Management (ECM) product suite exclusively through Value-Added Resellers, like Micro Records, who offer the comfort of local business support.