A New Answer To TRID Compliance

ComplianceEase announced today that its online compliance management platform, ComplianceAnalyzer, fully supports loans originated under the new TILA-RESPA Integrated Disclosure (TRID) rules and has incorporated TRID changes into the thousands of federal and state compliance tests that have been affected by the new rules.

In addition, the latest ComplianceAnalyzer release includes a new module, called TRID Monitor, that provides complete auditing of TRID disclosure timing, changed circumstances and fee tolerances across all disclosures. As a result, lenders can test the new module and finalize their compliance procedures about one and a half months ahead of the August 1, 2015 effective date. Since late 2014 ComplianceEase has made various releases of ComplianceAnalyzer TRID functionality available for lender testing and integration development to help the industry ease its transition to TRID.

ComplianceAnalyzer with TRID Monitor is the most comprehensive, real-time TRID auditing option available in the market for lenders of all sizes. It allows lenders to insert flexible TRID compliance controls into any system. It can be used at any point in the lending process and across multiple origination channels. The module can also be used for pre- and post-close quality control and securitization due diligence.

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Depending on a lender’s workflow needs, lenders can use ComplianceAnalyzer to check just the latest terms and fees on any single TRID disclosure or use The TRID Monitor module to monitor changes in fees and terms throughout the origination and closing processes. TRID Monitor audits tolerance across all disclosures and changed circumstances, and tracks post-consummation disclosures, including those with a cure to the borrower. The product provides a comprehensive, independent third-party audit report that is evidence of TRID compliance. As a third-party audit, this report may carry greater weight with secondary market investors and regulators than TRID reviews performed by a lender’s own personnel or origination, underwriting or pricing systems.

“Our latest release of ComplianceAnalyzer can quickly and definitively answer the questions of the hour: is this loan TRID compliant and how can I prove it?” said John Vong, president of ComplianceEase. “ComplianceAnalyzer with TRID Monitor can audit all of the new TRID documents—from the Initial Loan Estimate through to Closing and Post-Consummation Closing Disclosures—to ensure compliance and to detect and help correct fee tolerance issues.”

Vong added, “Our intelligent workflow lets the user see as much or as little as they want: from a summary RiskIndicator score and pass/fail summary to a deep dive on calculations and regulations.”

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Jason Roth, senior vice president of Product Management at ComplianceEase noted: “Our deep experience with regulatory examinations, including creation of the Lending Examination File (LEF) standard for e-Exams, gave us unique insight into the kind of audit reports that investors and regulators might expect, and the compliance audits that they will most likely perform. ComplianceAnalyzer’s new TRID Monitor module is designed to meet and exceed the most exacting standards and to give lenders, of all sizes, greater comfort levels.”

In addition to TRID compliance, ComplianceAnalyzer continues to audit for Federal high cost and higher-priced loan regulations, other rules under the Dodd-Frank Act, the Secure and Fair Enforcement for Mortgage Licensing Act, state high cost and anti-predatory regulations, state license-based consumer lending laws and regulations, and compliance guidelines from secondary market investors and government-sponsored enterprises.

About The Author

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Tony Garritano
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 tony@progressinlending.com.