Skip to content
GeoDataVision
Thread Options
#2118835 - 02/17/17 11:50 PM Mortgage application completed on website
Chocaholic Offline
Gold Star
Joined: Aug 2005
Posts: 443
Northwest
We are considering loading an interactive mortgage application on our website allowing applicants to apply online and offering e-sign process to deliver disclosures.. we have shied away in the past as our volume was not that great... but new lenders now and this was offered at their old employer.. so I am researching....any pitfalls, challenges we should be aware of... product to deliver we are considering is mortgagbot..

Any help or reading recommendations is appreciated..

Return to Top
Lending Compliance
#2118836 - 02/17/17 11:51 PM Re: Mortgage application completed on website Chocaholic
Darth HMDA, CRCM, CAMS Offline
Diamond Poster
Darth HMDA, CRCM, CAMS
Joined: Dec 2013
Posts: 1,387
CA
Most lenders use an inquiry form. We use a full application. Varies by lender smile
_________________________
The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

Return to Top
#2118843 - 02/18/17 12:50 AM Re: Mortgage application completed on website Chocaholic
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,441
Florida
Since internet is unrestricted, you may be getting applications from outside your area. Some lenders put caveats indicating only applications for property in X and y counties will be considered, and having an address filter to stop the app unless the person contacts a LO.
_________________________
Integrity. With it, nothing else matters. Without it, nothing else matters.

Return to Top
#2118844 - 02/18/17 12:56 AM Re: Mortgage application completed on website Rocky P
Chocaholic Offline
Gold Star
Joined: Aug 2005
Posts: 443
Northwest
Thank you, I wasn't thinking CRA implications. but critical.. are there any other regulations I should be considering... for timing... etc.

Return to Top
#2118888 - 02/20/17 05:11 PM Re: Mortgage application completed on website Chocaholic
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
If you allow people to apply for ARM's or HELOC's, you must deliver the booklets and program disclosures immediately - not after they submit it online. Thus, you'll need to have these available by download and get an acknowledgement that they potential applicants have received them.
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top

Moderator:  Andy_Z