Ron Daly, President/CEO
Virtual StrongBox, Inc.

We’re lucky today. There are so many ways that technology takes the hassle out of daily life. With a few finger taps, we can buy airline tickets, check the weather, settle a bet, pay bills, and control lights and thermostats from anywhere. So, why do we still perform antiquated bank processes that cost everyone time and money? More to the point, how long will our customers put up with it?

Pushing paper costs time and money

Take mortgage lending, for example. For consumers, buying a home is one of the most paper-intensive processes they face. We know people hate the paperwork involved as much lenders hate the time it takes to push mortgage docs through the system – especially with the myriad of disclosures and other new tasks required since Dodd Frank was enacted. Further, any delays are frustrating and can cause extra expenses for customers and your bank. That’s because credit checks, title searches, prepaid expense estimates, and other paperwork mean closing often doesn’t happen until much later than expected. Added to that is the just-out GAO report showing new regulations related to Dodd-Frank costing the industry more than $100 million per year.

And now, it’s getting worse. With the new TILA-RESPA Integrated Disclosure (TRID) rule implemented in October, mortgage lenders must provide borrowers with closing disclosure documents three days before closing. Even if you pay for express delivery and the borrower is at home to receive his papers, getting signature confirmations take time, so the costs of delays and handling paper can quickly add up.

While all of us appreciate the importance of protections for both borrower and lender, nobody likes the extra work – or having to build more time into the process.

But it doesn’t have to be this way.

Driving Down the Cost of Compliance

No matter how your compliance team translates the new closing disclosure document delivery process, TRID is costing your institution more time and money. The range of overnight delivery options cost between $12 and $25 each if you wait till the last possible minute and require a signature confirmation. Thanks to today’s digital technology and our virtual strongbox solution, there’s an easier and quicker way to push paper: Eliminate it!

At Virtual StrongBox, we’re helping mortgage lenders provide secure document storage and exchange services to their customers, not only saving time but also adding data protection to sensitive mortgage papers, deeds, titles and other important documents.

Vital papers are always available to your customers, and secure file-transfer ensures fast, easy exchanges between the bank and your customer. Further, it’s simple for a borrower to provide an electronic signature as proof the file was received.

Delivery Confirmation with eSignature Capabilities

We call our solution My Virtual StrongBox, because that’s what it is: a simple, safe process for quickly storing, retrieving and exchanging files instead of waiting hours or days for needed documents. As the mortgage lender, your bank provides each borrower with a private, online safe-deposit box. Then you can place files she needs into the individual box, such as the closing disclosure document, for review and delivery confirmation. The borrower receives an email or a text notification that the document is available and requests her to log in and confirm receipt. Using a computer, smartphone or tablet, the borrower electronically signs the form and provides your bank with a time-stamped and signature confirmation, proving to the regulators that the compliance docs were delivered on time.

Doing it all with a touch of a button

Today, you can use your smartphone to set your DVR to watch both Fallon and Colbert, make dinner reservations and even adjust hearing aids. So, why settle for cumbersome, outdated paper loan processes? Your customers want digital options, and solutions like My Virtual StrongBox provide it. By offering a Virtual StrongBox with the ability to securely transfer documents back and forth you can streamline your mortgage-lending operation and enhance the consumer experience. And you can perform all the tracking and monitoring the CFPB is looking for to make sure your borrowers receive the information they need on time. It’s compliance without the paper chase!