The Joy, Comfort, and Stress-Reducing Power of Disclosure Automation Solution

The old school: A Time-Consuming Manual Processes 

Many businesses are reconsidering how they manage their disclosure process because of digital transformation and increased demand for hyper-personalized products and services. Required disclosure distribution can account for over 60% of all communications sent to customers in complex regulatory environments.

The often manual, inconsistent, and inefficient distribution processes can be costly and risky: even a minor error or typo delivered to a customer can have serious legal and monetary ramifications. Also, hours are spent manually copying and pasting data from source systems or different spreadsheets and moving files back and forth across uncontrolled channels such as email, putting the integrity of your operation in danger. Manual report assembly and review stages reduce process agility while raising the chance of reporting inaccuracy, besides squandering money and time.

Finding a Needle in a Haystack

1. Increased compliance risk because of errors, backlogged updates, poor visibility, and low auditability are common challenges of unrefined disclosure management processes.
2. Ineffective use of technology resources and employees
3. Long cycle times stymie marketing efforts and limit scalability
4. Inconsistent channel experiences throughout the customer’s journey; and
5. Loss of speed to market

Tavant’s Disclosure Automation–How Does It Work?

Tavant’s Disclosure Automation is a tool developed specifically for ICE’s loan origination system, Encompass. It automates the distribution of loan disclosures and closing documents.

Using ICE’s “Send Encompass Docs” APIs, this process is done automatically, saving time, ensuring that compliance disclosures and documents are validated the same way, eliminating the need for humans to do it.

When an order is placed, the documents are prepared and transmitted for e-signature to either ICE’s consumer connect borrower portal or Tavant’s FinXperience platform.

The disclosure is then mailed to all recipients (borrower pair(s), NBO (s), and loan officer). Tavant’s Disclosure Automation can be configured to check unsigned disclosures against ICE’s Mavent compliance engine and add copies to the e-Folder. All disclosure orders, exactly like lenders are used to seeing today, are tracked in ICE’s Disclosure Tracking.

Tavant’s Disclosure Automation is fully scalable. Users can disclose multiple loans at the same time. 

The rear-view mirror is clearer than the windshield, always.

Businesses can achieve higher productivity by saving 5-20 minutes of disclosure desk time per loan and cutting down in disclosing. But how?

Tavant’s Disclosure Automation 2.0 is a service that streamlines and automates the loan disclosure process for Encompass 360 loan origination systems. It saves time, ensures consistent validation for compliant disclosures, and reduces the need for manual processes.

With a strong focus on regulatory and ESG disclosures, businesses can transform the disclosure management process by leveraging the scalable Tavant’s Disclosure Management solution that is

1. A rules-based engine that automates disclosures based on the characteristics of an offer and a product.
2. The ability to share content to make global changes simpler
3. Automated Quality Assurance tools, such as Digital Compare, AI, and Machine Learning
4. Task-based workflow for managing change requests
5. Compliance searchability allows users to find the exact offer and disclosure requested by the regulator within and between millions of touches.

Behind the scenes- Harnessing the automation for a future that works  

Why choose Tavant’s Disclosure Automation Service over other API’s or services?

Every lender follows the same basic process to disclose loan terms, and someone at the compliance desk will most likely open a loan, review it, and then click the button to send disclosure documents to the borrower (s). These tasks require 5 to 10 minutes of someone’s time per loan, and Tavant’s Disclosure Automation Service automates the workflow and allows loan officers to disclose multiple loans at the same time without having to log into Encompass and what businesses can achieve:

1. Accelerated Time-to-Market: Development and approval have now been truncated from weeks to days. Implemented in one month with over 100 distinct business rules.
2. Cost Savings: Reduced team and 100% reduction in agency costs for disclosure change management
3. High Accuracy: This eliminates human error from processes and ensures accuracy at every step of the way
4. Improved Speed: The ability to disclose 10 loans in 3 minutes, saving 5-20 minutes of disclosure desk time per loan
5. Risk Reduction: No need for legal to review each change; regulatory risk is reduced, and consistency is improved
6. Increased Productivity: The ability to offload some of the time-consuming data tasks, improving overall productivity.

A Race Against Time

The disclosure management process is frequently ignored in the increasingly complicated and fast-paced world of financial services. Organizations must reinvent their disclosure management role so that changes can be made quickly and efficiently to provide a top-tier customer experience, satisfy business goals, and avoid costly penalties from regulators.

What’s Next?

The lending industry will continue to be influenced by digital automation and transformation, and Tavant’s Automated Disclosure solution is a step closer to your digital modernization journey. Our service provides significant cost savings while enabling operational efficiencies, time savings, higher accuracy, and greater productivity.

Tavant’s Disclosure Automation Solution is compatible with Blend, Simple Nexus, and any other point-of-sale system. The solution works seamlessly with Tavant’s FinXperience and ICE’s Consumer Connect. If the lender has implemented a custom POS or bought off-the-shelf solutions from Blend, Simple Nexus, etc., the solution can also work independently with some development effort.

To learn more about Tavant’s Disclosure Automation solution, watch our recent webinar here or mail us at [email protected] . Reach out to the Tavant team for a more in-depth discussion of solution for your operating model and business.