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Initial disclosures

Accurate disclosures, any time.

The Initial Disclosures Bot finds every file that is ready to disclose, verifies it meets compliance requirements and sends the initial disclosures, at any hour of the day.

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What the Initial Disclosures Bot does.

  1. It monitors your pipeline for files that are ready to disclose.

  2. It analyzes the file, its documents and its fees for defects and compliance issues.

  3. It adjusts the file where needed, so it is accurate and compliant.

  4. It sends the initial disclosures, following your procedures.

  5. Exceptions go to your team.

In detail

What the Initial Disclosures Bot checks on every file.

  • The relevant documents in the file, read and compared with the loan data, so what goes on the Loan Estimate matches what they say.
  • The loan terms, product and property details, for conflicts or gaps that would carry through to the disclosures.
  • Every fee, so each one is accurate, supported by the file and in the right tolerance category.
  • The disclosures the loan requires, based on its loan type and property state, so the package is complete.
  • The application date and the three-business-day deadline, so the Loan Estimate goes out on time.
  • Lender-specific risk areas, such as fees and data points that most often lead to cures, before anything goes out.

What your team will notice.

  • Fewer files keyed by hand.

    It analyzes the documents and reconciles the fees, so most files go out without anyone keying them.

  • Disclosures out on time, with no overnight backlog.

    Applications that arrive after hours are handled that night.

  • The same procedure on every file.

    Every file is reviewed against the guidelines that apply to it, the same way every time.

  • A record of everything it did on every file.

    Every action is in the audit log, so your team and your auditors can see what the Bot did and why.

Files completed with no human touch

Zero-touch means the Bot completed the file and nobody on the lender's team had to touch it. The chart shows the kind of improvement we see after go-live. The Bot completes 35% of files zero-touch in its first month. As Silverwork tunes it to the lender's files, that rises to 75% by month three.

Set up to your procedures.

  • Your procedures

    Set up to the way your team works, inside your LOS.

  • Quality monitoring

    Silverwork monitors quality for you, every day.

  • Adoption reports

    Your managers see how much of the job the Bot is completing and where the team still steps in.

  • Fine-tuned after go-live

    Improvement doesn't stop at go-live. We keep refining the Bot so it handles more and more of your files.

Every role

Bots for the rest of the loan.

The Initial Disclosures Bot covers initial disclosures. Each of our other persona-based Bots takes on another role in the loan.

Book a demo of the Initial Disclosures Bot.

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