As the industry moves closer to the August 1 deadline, we’ll continue to share with you announcements about how the various LOS systems are handling compliance. Today I heard that LendingQB adheres to version 3.3 of the Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model. When TILA-RESPA Integrated Disclosures go into effect on August 1, 2015, LendingQB LOS users are assured of uninterrupted coverage for the latest compliance requirements, according to the vendor.
An advocate of the Lean Lending philosophy, LendingQB is actively promoting best practices resulting in reduced cost per loan. Combining mortgage disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), the Consumer Financial Protection Bureau’s (CFPB) Integrated Disclosure Rule requires lenders to begin using new integrated disclosures August 1, 2015. Compliance with this rule is contingent on use of the latest version of the data standard.
MISMO Version 3.3 establishes a common dataset that serves as a prerequisite for lenders to use the CFPB’s new integrated disclosures and share information about the disclosures with industry participants. Beginning on August 1, CFPB’s Integrated Disclosures will supersede the current Good Faith Estimate HUD-1 Settlement Statement, and Truth in Lending disclosures for most residential mortgage loans.
“Our readiness for this upcoming watershed event comes as no surprise to LendingQB’s dedicated and demanding customers,” said Binh Dang, LendingQB president. “Organizations that wait to test compliance to the CFPB’s deadline may encounter costly penalties and workflow delays as a result of being non-compliant. The relaxed approach taken by many LOS software vendors to update their respective systems to implement the new dataset borders on irresponsible.”
LendingQB has prepared a recommended schedule for safeguarding operations from unnecessary fines and risky loans by properly deploying a new LOS In the face of CFPBs August 1, 2015 deadline. To get a copy of this schedule and learn more about LendingQB’s TRID-compliant efforts, please contact email@example.com.
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