Open Mortgage, a nationwide mortgage lender, and partners LendingQB and International Document Services (IDS), Inc. successfully implemented a TRID-compliant Loan Origination System (LOS) in just 50 days, exceeding their own projections. “We knew that our implementation timeline was aggressive, wanting to both implement a new LOS and prepare for TRID within 60 days,” said James Howard, CTO of Open Mortgage. “Our success was due to having clear implementation plans with our vendors and a team at Open Mortgage that was dedicated to the project. Our first production loan was entered into the new system just 50 days after our implementation kick-off meeting.”
The TILA-RESPA Integrated Disclosure (TRID) mandated substantial changes that disrupted the entire mortgage industry, but LendingQB and IDS helped Open Mortgage successfully manage the transition. “We were working with Open Mortgage on TRID issues before the contract was even signed,” said Binh Dang, president at LendingQB. “We knew it would be a large undertaking and require careful coordination with IDS. But what impressed us the most was how dedicated and focused the Open Mortgage staff was to the implementation project. They were an ideal client.”
“Ensuring partner compatibility with the TRID-related changes we made to idsDoc was a critical component of our TRID preparation strategy,” said Mark Mackey, vice president at IDS. “We spent months testing the changes with our partners like LendingQB to verify that everything was in alignment, compliant and ready to go live by the deadline.”
New functionality provided by the LendingQB LOS allowed Open Mortgage to update and improve existing processes, and adopt LendingQB’s Lean Lending workflow best practices — one of those being a centralized Disclosure Desk. “Taking greater control of the Disclosure process was key under the new TRID rules,” said Stacy Baccus, Lending Compliance Manager at Open Mortgage during the transition. “LendingQB has automated triggers that notify us when there are change of circumstance requests, which was a challenge. The ability to respond more quickly and stay on top of disclosure issues cut our turn times in half.”
The E-Sign Platform provided by IDS also allowed Open Mortgage to roll out e-sign for Initial Disclosures to all their branches. “Our Loan Officers are excited about the new, centralized e-sign system. They love being able to offer that convenience for their clients,” Baccus explained. “Since we’re in 44 states, testing initial disclosures and closing document packages for all of our products was a big task. IDS made it easy and any changes or custom documents were handled quickly,” added Howard.
“We closed our first loan just 27 days after the TRID effective date,” recalls Senior Vice President of Lending Greg Block. “We would not have been able to accommodate TRID’s new rules in our legacy system, so selecting the right technology partners was key to making our transition a success. I was impressed with the plan IDS and LendingQB laid out for us and our team here executed that plan ahead of schedule. The start of TRID was a disruption for everyone, but we had a record March and April and we’re seeing efficiency increases across the board.”
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.