Automation means compliance.
If compliance isn't automated, it's difficult to make it happen. Business Spaces fully automates compliance with Regulation B and Regulation Z. Using a series of time clocks and continual monitoring of loan status -adverse letters are automatically delivered to your client anytime a file is declined. Should a loan hit any of the Regulation B or Z time limits - it is automatically adversed, a letter delivered and the file declined in your LOS system.

Nothing falls through the cracks.
Each user gets a desktop that organizes, groups and sorts loan files based on current applications, those needing attention, those missing documents and files that require an immediate underwriting decision for compliance reasons and more. Loan files can even be moved to undewriters systematically, using "next-available" distribution.

A Business Space is a secured, private labeled workspace containing all documents associated with live mortgage application. Every loan file receives a unique Business Space, complete with your logo, that is automatically created the moment a credit file is ordered for the applicant.

The applicant receives a full color, photo enhanced e-mail from the loan officer welcoming him to the Business Space created specifically for their loan application. Here the applicant can easily upload, print or fax documents into the Business Space - and he can keep current on the up-to-the-minute details concerning his loan closing.

As the loan progresses, internal and external business partners (including appraisers, signing agents, real estate agents and more) can be invited into the Business Space. Here they can view authorized documents and even contribute files directly. An interactive discussion board, and document specific micro-blogs ensure effortless collaboration and discussion regarding any loan related issue.

Loan documents are stored in Cogent Road's secure eVault which undergoes third-party security audits every year. It offers advanced security features such as biometric scanning, 24/7 supervision, waterless fire suppression, 100% power uptime guaranty, and multiple onsite /offsite data redundancies.

Business Spaces offers a simple, easy to use interface that makes your loan applicants comfortable with digital documents. In fact, it makes e-signing pre-disclosures so fast and easy, your applicants will thank you for the service - while you eliminate shipping charges and cut days off closing times.

One Click Order and Delivery of E-Signature Enabled Pre-Disclosures
Business Spaces is fully integrated with DocMagic so that state and loan specific pre-disclosures can be ordered, prepared for e-signature and delivered to the applicant with a single mouse click. Absolutely no data need be entered. Business Spaces e-signature technologies follow the state-based Uniform Electronic Transaction Act (UETA) and federal Electronic Signatures in Global and Network Commerce Act (ESIGN) guidelines that govern electronic signatures.

Business Spaces is even fully integrated with FedEx - ensuring hard copies are automatically delivered for ink signatures if necessary and all tracking numbers imported for compliance purposes.

Business Spaces also makes it very easy for applicants or external business partners to add loan documents to their own loan files. Business Spaces comes with an easy to use virtual printer (shown at left) which allows them to print a fully indexed, digitized document directly into the loan file. Or, if needed, documents may be faxed directly into the file without any intervention from the lender. And, naturally documents can also be uploaded into the Business Space using our fully indexed uploader, or scanning application.

Business Spaces fully indexes all documents in order to (if desired) send the loan package directly to the investor. Documents are automatically sorted based on each investors desired stacking order.