Mercury Network's SureReceipts now available to any lender for automated compliance with new disclosure requirements
March 03, 2014
Naples, FL — Mercury Network today announced the expansion of their SureReceipts™ service to a universally available eDisclosure compliance solution. SureReceipts securely sends any document to borrowers in compliance with disclosure requirements, and it automatically produces an audit trail on every send for compliance verification. SureReceipts can be deployed quickly by lenders of all sizes, and is now available as a stand-alone web-based service or as an API for integration in existing workflow systems.
As lenders are learning, some the hard way, providing electronic copies of some documents is not simply a matter of e-mailing them to borrowers, or even blasting out links to download the documents. New ECOA requirements mandate certain specific disclosures and demonstrations by the borrower of their ability to receive electronic documents, before they download anything.
“We’ve heard from many lenders recently who could be in violation of the new ECOA Valuations Rule because they aren’t gathering the required borrower acknowledgements prior to electronic delivery of the appraisal, as required by ECOA’s E-Sign provisions”, stated Jennifer Miller, president of Mercury Network. “SureReceipts has long been integrated in Mercury Network, so lenders using Mercury as a vendor management platform have always had it. But opening it to any lender was a simple solution to a widespread compliance challenge, and keeping SureReceipts less expensive than the cost of postage and mailing was a no-brainer.”
SureReceipts is available to any lender or AMC now for only 50¢ per secure send, or via API for seamless workflow integration. Click here for more information.