Idaho Falls, Idaho-headquartered DocuTech, a national provider of compliance and document services to lenders, has provided an update of its ConformX mortgage document software that automates and guarantees compliance with California's new subprime lending best practices law.
Under the law, the state of California now requires lenders and brokers to provide borrowers obtaining nontraditional and subprime loans a disclosure, RE Form 885, which compares different loan scenarios using the borrower's proposed loan amount.
Due to the complex nature of these calculations, and the short notice given for compliance, many lenders have been calculating the comparisons by hand or spending hours creating spreadsheets to complete RE Form 885, DocuTech says. With the software update, ConformX now automatically calculates and populates the correct data for the comparison disclosure based on the information in the loan application.
Source: DocuTech, www.docutechcorp.com