ISGN has launched EZEscrow, a scalable and full-service escrow administration solution. EZEscrow helps lenders comply with the Regulation Z mandate requires states banks and credit unions to establish escrow accounts for all high-priced loan transactions, ISGN says. The requirement was made mandatory on April 1.
‘This new escrow requirement hasn't gotten nearly as much media attention as the first wave of changes that went into effect on the first of the year,’ says Niraj Patel, group president of ISGN. "That lack of visibility makes the threat of noncompliance even greater. Lenders don't have the constant reminder of how serious an issue this is, so a lot are in compliance violation simply because they're unaware of these new rules."
The EZEscrow system automates workflow for each step in the escrow process, from importing tax and insurance data, to calculating escrow account figures, to providing detailed reports and summaries, ISGN explains.
Lenders can easily update the system with base loan information, multi-property and collateral information, and multiple tax and insurance items. The system, which seamlessly transmits borrower tax payments and insurance policy data into the escrow management platform, also provides alerts and reminders for next steps and pertinent guidelines.
SOURCE: ISGN Corp.