With MDIA (Mortgage Disclosure Improvement Act), the only fee that can be collected up front prior to a loan application is a fee for the credit report. It also requires that the TIL disclosure must occur within 3 days of an application and loans cannot close within 7 days of when the borrower was initially disclosed.
So many rules; so little time! But PointCentral can simplify the process for your users. All you need to do is create Rules within PointCentral that will control the workflow for your business processes.
Action-based rules can trigger whenever your loan officers need to complete a required field or indicate in the loan status field that disclosures have been made. For instance, you can trigger a pop-up box that requests additional information be added to the loan file such as date of TIL disclosure, the APR on the date of the disclosure, and the method that the disclosure was sent to the borrower.
You can also trigger a pop-up box requesting that loan status information is updated per pre-defined workflow requirements or another that informs the user that no additional services can be ordered after disclosure per the MDIA 3 day window.
PointCentral allows for soft-stops and hard-stops that adjust to the needs of your business. For more information on how rules can help you with MDIA compliance, please call your account representative at 800-362-2599 for a demonstration.