Mortgage application completed on website

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..

Most lenders use an inquiry form. We use a full application. Varies by lender

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.

Thank you, I wasn't thinking CRA implications. but critical.. are there any other regulations I should be considering... for timing... etc.

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.