LoanLogics understands that meeting the deadline for the TILA-RESPA Integrated Disclosures (TRID) requires a lender’s technology, document providers and staff to be prepared, according to their quick reference compliance guide, “Are You TRID Ready?” The deadline to comply with TRID is August 1, 2015. Here’s their solution:
“In my work consulting with lenders on the challenges of complying with TRID, I came to the conclusion that a quick reference guide and interactive online tools would help them and their staff better understand the new disclosure requirements. Anything that can help individuals get up to speed more quickly will benefit them, as well as the entire mortgage industry,” said Mike Vitali, the SVP/Chief Compliance Officer at LoanLogics and author of the guide.
The purpose of the TRID guide is to provide a useful lender resource that is easy to follow and helps relieve some of the pressure they are feeling regarding getting prepared. That is critical; because of how pervasively this impacts a lender’s operations and the challenge of meeting the deadline and staying compliant once the rule goes live. Additionally, this guide may be downloaded and distributed to staff as a handy quick reference tool for day-to-day reference when needed.
“We’ve provided this reference guide, as well as online interactive tools, that will address many of the concerns Lenders face in preparing their staff to comply with these new rules,” said Vitali.
Tracking versions of the new disclosures, as well as timing definitions, is a role for technology. Lenders can’t rely on humans to get this correct. Open infrastructure technology with active alerting and dynamic workflow driven by rules will become the standard.
This also becomes one more reason for pre-close audit reviews to enable tighter control of data and details. Even as loans are boarded to servicing, it will no longer be satisfactory to merely check for the presence of documents. Instead, systems must also check for correctness and track versions.
Some of the topics covered in the guide and the interactive website include:
>> A detailed explanation of both the new Loan Estimate and Closing Disclosure forms.
>> Interactive tools with line-by-line references for how to complete the new disclosure forms.
>> A sample TRID disclosure calendar.
>> LoanLogics newsletter articles with perspectives on TRID compliance and questions lenders need to consider regarding their TRID readiness.
To interact with this free on-line resource, go to Loanlogics.com/TRID.
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 email@example.com.