PROGRESS in Lending has learned that Compliance Systems, Inc. (CSi), a provider of best-in-class financial transaction technology, officially launches its TRID FAQ website to provide key insights and dynamic solutions to address new regulatory requirements as lenders feel the deadline crunch.
Lenders can’t afford to gamble on their TILA-RESPA Integrated Disclosures (TRID) solution. The CFPB’s TILA-RESPA Integrated Mortgage Disclosure Rule is 1,888 pages, with the dynamic disclosure specifications alone spanning hundreds of pages. The Model Forms must be followed exactly, and the Rule requires that many disclosures be presented to borrowers only when certain features apply to the loan.
Now lending institutions can benefit from CSi’s intensive research and ongoing conversation with the CFPB. The CSi TILA-RESPA Integrated Disclosures FAQ website includes answers to frequently asked questions regarding operational processes affected by the Rule as well as disclosure formatting concerns. Lenders can also take advantage of interactive Loan Estimate and Closing Disclosure samples that provide information about the Rule’s highly-dynamic disclosure requirements and describe how CSi’s TRID Solution guarantees compliant results.
Chris Appie, Vice President and Counsel of CSi, noted, “CSi has actively collaborated with the CFPB throughout the development of our TRID Solution, identifying issues early and often with the Bureau. We have hard-won knowledge that we’re glad to share with our clients and others in the industry who are working to meet the August 1 deadline for implementation. Our FAQ site is intended as a living resource for their reference.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.