ISGN Corp., a provider of end-to-end technology solutions and services to the U.S. mortgage industry, today announced enhancements to its Gators settlement services and vendor management platform to help lenders and servicers prepare for the Consumer Financial Protections Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rules that will go into effect August 1, 2015.
ISGN’s Gators is a highly configurable, web-based title and closing solution that streamlines the fulfillment and processing of orders. Gators will default to the correct closing disclosure form based upon the loan purpose. Gators users will still have the option to produce the HUD Settlement Statement and Good Faith Estimate for those few loan products that do not require the new closing disclosure form.
The new Gators platform will also soon support version 3.3 of the Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model. ISGN developed the enhancements natively to maintain the platform’s current functionality for existing users, eliminating the difficulties associated with learning a new system. ISGN also developed one-on-one webinars and desktop support to assist users with the new functionalities.
“Our team of compliance experts carefully examined the CFPB’s nearly 2,000-page document to develop the necessary enhancements for Gators to help lenders and servicers seamlessly comply with the new regulations by the August 1 deadline,” said Don Gaspar, chief technology officer for ISGN. “While the next couple of months will certainly be challenging, we are embarking on a journey towards complete mortgage technology transformation, and these new system upgrades are what the industry needs to move towards greater efficiency and profitability.”