Video Witness API for Mortgage Lenders and e-Signatures
Contract Cloud helps Mortgage Lenders comply with Consumer Financial Protection Bureau (CFPB)regulations by incorporating video attestation into the borrower certification and signing process. Using video to verify the borrower's “ability to repay” eliminates the need for phone or live conference verification and ensures the lender is doing everything necessary to comply with the new CFPB regulations. Contract Cloud can also be used to create recordings of borrowers attesting to repayment payment conditions and the receipt of Truth in Lending Act (TILA) disclosure documents. The patent-pending system ensures the video is authentic, while maintaining borrower privacy and platform security.
How do I implement Contract Cloud into my workflow?
For electronic Mortgage Lending platforms and/or e-disclosures, Contract Cloud’s application program interface (“API”) plugs into the Lender’s workflow at any point where a borrower makes an attestation or contract acknowledgement. The scripts displayed to the borrower through the API are curated by the Lender to ensure compliance with regulators and to communicate all adequate terms and disclosures to the borrower.
Contract Cloud can be used as a stand-alone app in circumstances where the borrower’s attestations or acknowledgments are done in traditional paper processes. The Mortgage Lender simply needs to download Contract Cloud’s app to their representatives’ iPads. The Lender manages scripts for the investor through a secure web-portal.
In both API and App products, the recordings are securely uploaded and stored by Contract Cloud’s patent-pending system. The recordings are managed, sorted and retrievable at anytime.
Demand a better method of contracting, prevent unnecessary disputes, and increase borrower trust. Contract Cloud is beyond a signature; it is your video witness.