The RealEC Technologies division of Black Knight Financial Services (formerly LPS) has launched its Document Delivery Service, a solution that delivers appraisals and other valuation documents to borrowers.
According to the company, the solution allows lenders to securely and reliably deliver the documents in both electronic and paper formats, helping lenders comply with the Consumer Financial Protection Bureau's recent amendment to Regulation B, which implements the provisions of the Equal Credit Opportunity Act (ECOA). The amendment, effective Jan. 18, requires lenders to deliver copies of appraisals and valuation documents to first-lien mortgage loan applicants prior to closing.
Black Knight says the service offers an automated, configurable solution for lenders to order, track and deliver all types of appraisals and valuation products, including advanced valuation models. The solution is delivered through RealEC's Loan Quality Gateway, an open technology network that enables lenders to electronically connect with service providers through a standards-based data exchange, according to the company.
Black Knight says that based on consumer preference and regulatory guidelines, lenders can provide paper documents to applicants or electronically deliver the documents via a secure portal. The solution also provides a complete audit trail, offering lenders a way to document compliance with regulations.
The company notes that upcoming enhancements to the solution will include the ability to deliver new loan disclosure documents to consumers to help streamline the revised loan closing process being instituted in 2015.