Introduction:
Forms are a crucial feature within Lender’s platform, designed to generate standardized documents using dynamic loan data. This article will introduce Forms, explain their purpose, and outline how they can be created and utilized within the platform using the Form Builder.
What are Forms?
Forms are documents generated to present information in a specific format, drawing from dynamic data within the loan. They are essential for creating standardized loan documents, such as disclosures and other legally required paperwork. The Form Builder allows users to create these documents, insert fields that dynamically pull loan data, and add places for signatures or additional information.
Core Features of Forms:
Dynamic Text Fields:
Forms can include dynamic text fields that automatically populate with data from the loan. This ensures that the information is accurate and up-to-date, reducing the risk of errors.
Customizable Templates:
The Form Builder allows users to create customized templates, tailoring the document’s layout and content to meet specific needs. This includes the ability to define where data fields and signature areas should be placed.
Electronic Signatures:
Forms can include designated areas for electronic signatures, streamlining the process of obtaining necessary approvals and acknowledgments.
Reusable Forms:
Once created, forms can be saved and reused across different loans and processes. This reusability saves time and ensures consistency in documentation.
Use Cases for Forms:
Disclosures:
Forms can be used to generate legally required disclosures, such as Loan Estimates and Closing Disclosures. These documents ensure that borrowers are fully informed about the terms and costs associated with their loans.
Standardized Loan Documents:
Forms can generate standardized loan documents that need to be delivered to borrowers, such as Change in Circumstances notices. These documents ensure compliance with regulatory requirements and provide borrowers with important updates.
Authorization Forms:
Forms can be used to create authorization documents, such as Authorization to Release Information, which grants permission to collect information from third parties.
Integration with Other Features:
Form Bundles:
Forms can be grouped into Form Bundles, allowing multiple related documents to be managed and processed together. This is particularly useful for complex workflows requiring several forms.
Tasks:
Forms can be linked to tasks, ensuring that users complete necessary documentation as part of their assigned responsibilities. This integration helps maintain workflow efficiency and accountability.
Automated Actions:
Forms can be utilized in Automated Actions, enabling the system to generate and send forms automatically based on predefined triggers and conditions. This automation ensures timely and accurate documentation.
Loan Actions:
Forms can also be integrated with Loan Actions, allowing users to generate and complete forms as part of specific loan-related activities. This integration streamlines the documentation process within the loan lifecycle.
Benefits of Using Forms:
Standardization:
Forms ensure that all necessary information is presented in a standardized format, improving consistency and reducing errors in documentation.
Efficiency:
The ability to create, customize, and reuse forms streamlines the documentation process, saving time and effort for users.
Accuracy:
Dynamic text fields and predefined templates help ensure that all required information is accurate and up-to-date, enhancing the quality of documentation.
Integration:
Seamless integration with Form Bundles, Tasks, Automated Actions, and Loan Actions ensures that forms are an integral part of the workflow, enhancing overall process efficiency.
Conclusion:
Forms are a fundamental feature within Lender’s workflow automation toolkit. By utilizing the Form Builder to create customizable and reusable documents, users can generate accurate and standardized documents throughout the loan process. The integration of forms with other features such as Form Bundles, Tasks, Automated Actions, and Loan Actions enhances workflow efficiency and accountability, making forms an essential tool for optimizing loan origination and processing.