Over the next 30 to 60 days we’ll start to see which vendors and lenders prepared well for TRID. Every lender has spent October adjusting to new workflows and document requirements mandated by the Consumer Financial Protection Bureau (CFPB). One key to the successful transition is the smooth integration of document generation technology with loan origination software (LOS). Several lenders, powered by Docutech’s document generation and delivery technology, and PCLender’s loan origination system have successfully closed their first loans using the new Truth-in-Lending/Real Estate Settlement Protection Act Integrated Disclosures (TRID). Here’s what happened:
Charlotte-based Movement Mortgage successfully closed their first post-TRID loan with no interruptions in mid-October. Company executives cited the ease of generating and delivering the disclosures and closing documents using Docutech as a key to making the transition to the new standards.
“Thanks to our great partnership with these innovative industry leaders, we have delivered what is possibly the first loan under the new TRID guidelines,” said Casey Crawford, CEO of Movement Mortgage. “We are confident that these new regulations will only encourage others in the industry to do what we at Movement Mortgage have always advised our borrowers to do – Know before you owe by having a loan fully underwritten up front before the consumer begins shopping for a home.”
Crawford also cited the strength of the integration between Docutech and their LOS provider, Reno, Nevada-based PCLender as a key factor in complying with TRID.
“We are very supportive of Movement Mortgage’s objectives and are enthusiastic about their milestone,” said Lionel Urban, president of PC Lender. “With our focus on of simplifying today’s complexity, PCLender is appreciative of the efforts Docutech made to ensure our integration operated seamlessly from initial disclosure through closing.”
“Every time there is a major regulatory change in the financial industry, Docutech has worked tirelessly to ensure our customers have the tools and training needed to handle the changes with minimal disruption,” said Ty Jenkins, founder and CEO of Docutech. “Movement Mortgage and United Shore are just a couple of the many successful examples where lenders have been able to help borrowers achieve their homeownership goals this month while also ensuring accuracy and compliance with the new standards.”
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.