We are dedicated to detailing the TRID compliance approaches that we hear about to better inform our readers about what’s out there and what their options are. We’ve reported on how vendors such as Power Lender, DocMagic, CSi, eLynx, Ellie Mae, Motivity Solutions, MRG Document Technologies, LendingQB, etc. are approaching this on behalf of their lender clients. Today we heard that Point version 9.2 is ready to help mortgage lenders produce and deliver accurate, TRID compliant Loan Estimates (LE) and Closing Disclosures (CD). Here’s how:
After August 1, the mortgage industry will begin using a revised set of forms to disclose to consumers the costs of loans, making them easier to understand and giving borrowers greater confidence in the estimates provided. The Consumer Financial Protection Bureau (CFPB) rule will prevent fee and rate changes by lenders after the initial LE is disclosed and before the CD is issued, just prior to closing. The CFPB created the new disclosure rule, known as the TILA-RESPA Integrated Disclosure (TRID), as a result of the Dodd-Frank Wall Street and Protection Act.
Calyx’s Point 9.2 release provides and automates the new LE and CD forms, and includes enhancements to ensure the generation of accurate and compliant disclosures. Doug Chang, President of Calyx said, “We learned recently that some origination software systems are only supporting TRID compliant LE and CD going forward from August 1. This means some lenders will have to stop originating loan types that still use the old forms after TRID goes into effect. It was quite challenging to continue supporting the current disclosures as well as adding the new disclosures within one system, and we are pleased that we managed it. We worked hard to maintain a user-friendly solution and limit the changes to a minimum, keeping many of the familiar steps and screens intact.”
With Calyx, lenders now have a TRID ready solution that automatically calculates, rounds and truncates APR and TIP. “We think lenders are really going to enjoy using Point 9.2. Everything they need is right at their fingertips. The beauty of Point 9.2 is how easy we’ve made it to produce these new disclosures,” said Dennis Boggs, Executive Vice President of Business Development.
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.