OneTrust Home Loans has chosen Simplifile as its partner and online service provider to collaborate with settlement agents and meet compliance requirements for the CFPB’s TILA-RESPA Integrated Disclosures (TRID) rule, which will take effect October 3. Last week, OneTrust successfully began submitting production files through Simplifile to their settlement agents.
“We’re pleased to be working with Simplifile and with the efforts they’ve made to ensure we are TRID-ready,” said Shane Erksine, president of OneTrust Home Loans. “One of the major reasons we chose Simplifile as our partner was their established network of settlement agents who are already using their services every day. We’re confident in their proven ability to provide an easy-to-use service with an intuitive interface that can successfully bridge the gap between multiple parties in the mortgage and real estate transaction.”
Simplifile’s collaboration, e-recording, and post closing services allow OneTrust to connect with settlement agents nationwide, making it easier for both parties to securely share, validate, audit, track, and collaborate on loan documents, data, and fees to ensure compliance.
Simplifile also enables lenders to share changes, updates, deficiencies, and statuses with their settlement agents in one system, facilitating a fully auditable, more transparent process from loan application to recording and back.
“Instead of ‘flipping the switch’ on October 3, lenders like OneTrust are seeing the value in utilizing our collaboration service now,” said Nancy Alley, vice president of strategic planning at Simplifile. “By using the service now they are also helping their agents prepare and become familiar with the new processes prior to TRID. It’s been wonderful to work with OneTrust and witness their commitment to a world-class closing experience.”