RamQuest customers can rest assured that they will have all of the tools necessary for compliance and, in fact, many of them are already readily available. This document describes how RamQuest specifically address these lender requirements.
Lender Requirement: The ability to capture, retain and recall all versions of the CDF provided to the consumer and/or generated for internal purposes (even if not provided to the consumer)
RamQuest Solution: As part of the RamQuest suite, PaperlessCloser allows the publishing of documents to outside parties. FileScanPlus is your electronic document vault that will store not only all versions of any documents generated by your software but also images of any external documents associated with a file. FileScanPlus offers RamQuest customers a comprehensive view of the CDF, including the ability to log and store multiple versions of the CDF whether or not they were presented to the consumer. Additionally, Complete Closing tracks versioning of system generated documents like the CDF, showing changes as far down as the line level.
Lender Requirement: Image(s) of the CDF – in chronological order if multiple versions were generated – plus all supporting data and calculations used to generate it.
RamQuest Solution: RamQuest’s imaging solution, FileScanPlus, will retain images of any document associated with a file that can easily be viewed in chronological order. All supporting data and documents can be scanned and stored in conjunction with the CDF images. Additionally, any base calculations used to generate the CDF will stored in the versioning log inside Complete Closing.
Lender Requirement: System of record data related to each version of the CDF that can be used to evidence all requirements, including delivery timing and method, and can also be used to meet regulator requests for data within expected timelines.
RamQuest Solution: All records placed into the FileScanPlus electronic document vault are easily retrieved for regulators. FileScanPlus easily accommodates proof of delivery and timing confirmations for the CDF as well as individual CDF versions. Additionally, we strongly encourage the use of encrypted e-mail for delivery of sensitive items including HUD-1s and CDFs. RamQuest offers encrypted e-mail services as part of our solutions in a hosted environment. We also suggest that Read Receipt notifications for email be turned on and all incoming and outgoing emails and Read Receipts be stored within the FileScanPlus archive of the transaction file for secure storage and easy retrieval.
Lender Requirement: The ability to prove receipt of the CDF also become relevant when delivery occurs via methods such as personal delivery, courier delivery, e-delivery or other methods attempting to expedite the delivery.
RamQuest Solution: FileScanPlus stores any scanned image and vaults it within the transaction file, providing for easy retention of delivery receipts from personal delivery, courier delivery, certified mail or e-delivery of the CDF.
Lender Requirement: Copies of supplemental recorded documents are needed e.g. warranty deed, subordination agreement, powers of attorney, etc.
RamQuest Solution: Whether you take advantage of the benefits of e-recording with one of our Closing Market e-recording providers (strongly recommended) or you manually record your documents, your RamQuest solution retains images and recording information for all recorded documents pertaining to a file.
All of the features described above that enable RamQuest customers to meet these lender requirements are available to you today simply by taking full advantage of the tools RamQuest has offered for years. If your system is not configured to properly utilize these tools, we recommend that you make the necessary changes now to optimize your operation’s readiness for the RESPA-TILA changes.
The following requirement pertains to the new, collaborative CDF solution currently in development by RamQuest for our customers.
Lender Requirement: Seller credits must be approved prior to document signing…
RamQuest Solution: Today you produce a HUD-1 and send it to the lender for approval. With the CDF, an efficient method for creating and obtaining approval on the CDF, 3 days in advance of closing will be preferred or even required by lenders. This will require a collaborative environment that allows you and the lender to work up the CDF together, make changes in a single, consolidated location and where the lender can approve the Final CDF. RamQuest’s CDF solution (slated for Alpha Release in the 4th quarter of 2014) offers multiple options for producing a collaborative CDF with your lender including a web-based portal that allows you and the lender to jointly prepare the CDF and a Closing Market interface that allows you and your lender to work on the same document from within your own systems.
We are encouraged that lenders are beginning communicate with their title and settlement partners early in this year of planning, well in advance of the 2015 year of implementation, allowing adequate time for preparation. The information compiled here helps to illustrate how RamQuest is ensuring that our customers have a preparedness plan they can share with their lender partners. Let us know if you would like more information about how RamQuest can be your RESPA-TILA resource!