DocuTech Announces Leadership Role in Mortgage Initiatives
By: Ashley R. Harris
In November, the Consumer Financial Protection Bureau (CFPB) announced the launch of Project Catalyst to promote consumer-friendly innovation. The program is designed to involve mortgage executives in testing new disclosure forms. To help with the agency’s effort to consolidate and streamline the industry into efficiency, DocuTech is leading a response from lenders to the CFPB.
The CFPB is in the process of drafting new mortgage disclosure forms that outline the expected closing costs and terms of the mortgage for consumers.
The undertaking has kept the agency busy for the past 18 months, and to make sure that they are heading in the right direction, the agency has asked banks, credit unions, and other financial services companies to propose and conduct trial disclosure programs. Idaho-based DocuTech is stepping in to test various document formats and provide feedback to the CFPB.
“The CFPB recognizes that what seems like a good idea in theory often hits unexpected obstacles when put into full production,” said Scott K. Stucky, COO for DocuTech in a statement. “We are in a unique position to help lenders not only evaluate the disclosures from a content perspective, but to also test ease of implementation and the impact to operations.”
Not only will DocuTech be involved in the CFPB’s efforts, but Frederic Gooch, the general counsel and vice president of Compliance, was selected to provide ongoing analysis of compliance issues facing the mortgage industry for National Mortgage News. He will provide content monthly for the industry trade publication.
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