Compliance Group has released a handy guide to the Disclosure Tracking Screen. Use this Guide to reduce Mavent errros and compliance questions! See link below!
There has been an increase in ComplianceGroup help requests on items that can be easily fixed at the Branch level with a little due diligence. If you have not had a chance to watch the Disclosure Tracking Overview previously, please take time to watch it. The link to the recorded demo is below. After you register, you can start watching the video immediately. It will explain quite a lot on how the LE/CD received dates and Estimated Closing dates can affect your MAVENT Compliance Report and potentially fail it. It’s an easy fix, which is outlined in the recorded training. Chaz Parker, in the Compliance Department, also outlined some helpful tips/notes below for you. Please take the time to read through these items.
Please register for Disclosure Tracking Overview at:
Disclosure Tracking Overview will review how to read the Disclosure Tracking screen and and how to determine if the dates are hard stops to order your CD Request or Closing. In order to attend, you must register for the training at the link provided below.
After registering, you will receive a confirmation email containing information about joining the webinar.
- The last LE must be delivered to the borrower at least 1 day prior to the CD Issue date.
- The Final LE IS REQUIRED TO be received at least 4 days PRIOR TO closing.
- The Initial CD IS REQUIRED TO be received at least 3 days PRIOR TO closing.
- Signatures are required to be completed in INK or Electronically through an approved Vendor*
- COC CDs that require a 3-day Wait per TRID are required to be signed or acknowledged by the borrower
- COC CDs that require a 1-day Wait per TRID do not need to be signed or acknowledged by the borrower
- Loans that have rescission, require any title holders on the property to have an eConsent accepted in order to receive the CD via email and to be able to have an eSign option.
- REFI loans with a Non-Borrowing Spouse, are required to sign the CD in addition to the Borrower(s).
- If the LE and/or CD are Wet signed, (LE and CD) the LE/CD received dates in Tools > Disclosure Tracking will need to be entered manually by the branch as compliance is not required to manually enter this information for you.** To enter information manually, double click on the disclosure line in the Disclosure History section and enter the information in the Details tab > Actual received Date dropdown.
- If the LE/CD was eSigned and the dates did NOT auto-populate to the LE/CD received date fields in Disclosure Tracking, then the branch can update the dates manually in the Disclosure Tracking screen. If a borrower eSigned the LE/CD after already wet signing the same copies, then email email@example.com for assistance.**
- It is the Loan Processor’s responsibility to keep the Estimated Closing date field updated throughout the loan. If this date is not updated, it can cause MAVENT fails.
- If the Estimated Closing date field is updated and you are still receiving a MAVENT fail for dates out of compliance, go to the REGZ-CD in the Forms tab to confirm the Closing date field date matches the Estimated Closing Date.
*See PRMG’s Resource center for policy regarding E-signing with approved vendors. (Mindi to attach link)
**If the borrower has previously esigned the LE/CD, compliance will need to be the one to update, but only in this case.