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Beyond TRID – Getting Ahead of 2017’s Other Compliance Changes

Posted by Fred Gooch on Oct 27, 2016 9:00:00 AM

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While the proposed changes to TRID are certainly generating a lot of attention from lenders planning their 2017 compliance priorities, there are several other developments lenders should keep an eye on. These other regulatory issues affect not only the documents used in applications and closings, but also in reporting the annual loan data required by the Home Mortgage Disclosure Act (HMDA).

 

By preparing now, lenders and their technology partners can ensure that there are no obstacles to smoothly rolling out the new requirements.

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Topics: Compliance

TRID 2.0 – Clearing the Clouds of Uncertainty

Posted by Fred Gooch on Oct 11, 2016 11:19:54 AM

TRID 2.0 – Clearing the Clouds of Uncertainty

 

After nearly nine months of watching lenders struggle to fully implement the TILA-RESPA Integrated Disclosures (TRID) regulations that went live in late 2015, the Consumer Financial Protection Bureau (CFPB) released a series of proposed amendments. While there are no large individual changes, depending on a business’s practices, there are several small tweaks that could greatly impact the lender’s processes and procedures.

 

Understanding what is – and what is not – in the proposed changes will help lenders prepare for the next phase of TRID.

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Topics: Compliance

They’re Baaaaack: CFPB to Reopen TRID Rulemaking

Posted by Fred Gooch on Jun 21, 2016 10:20:13 AM

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For much of the past 18 months, the mortgage industry has been solely focused on one thing—TRID. And although the TRID deadline has come and passed, the industry is not quite finished with the recent guidance. Just when you thought it was safe to get back in the water, the CFPB has reopened its TRID rulemaking.

 

According to a letter sent by Director Richard Cordray on April 28 of this year, the CFPB intends to revisit rulemaking for the TILA/RESPA Integrated Disclosure (TRID) rule, specifically around the Know Before You Owe mortgage disclosure forms. In addition, the Bureau announced the Notice of Proposed Rulemaking will most likely be issued in late July 2016.

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Topics: Compliance

Efficiency and Compliance Through LOS Pushback

Posted by Harry Gardner on May 10, 2016 9:00:00 AM

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Consumers and regulators are pushing for mortgage transactions with less paper, more electronic signatures and the higher customer satisfaction that comes along with them. One challenge has been the need to keep the Loan Origination System (LOS), the lender’s database of record, in sync with the document vendors that supply modern electronic disclosure and closing documents. That’s changing now that innovative doc prep software is making it easier to accomplish a two-way LOS data exchange.

 

There are three general forms of information that must move between the LOS and the document management software system during the normal loan origination process: The loan data used to create the documents, the loan documents themselves, and events (viewing, signing) that occur with those documents. It’s the latter type of data sync that can really make life easier on lenders. To provide information back to the lender’s LOS on six different types of events and 26 specific document events, we developed our two-way LOS data sync capability, or LOS Pushback.

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Topics: Compliance

Top Five Reasons Why Loan Data Synchronicity is Critical to TRID Compliance

Posted by Fred Gooch on May 3, 2016 3:34:18 PM

iStock_000084949291_Double.jpgIt’s already been seven months since the Truth-in-Lending/Real Estate Settlement Procedures Act Integrated Disclosures (TRID) went into effect. Many lenders were adequately prepared for the changes by integrating new technologies within their organizations. However, many lenders are still struggling to adjust to the “new normal” that is TRID compliance.

 

A common theme to the technology changes for many lenders who have successfully managed TRID is a focus on the seamless flow of data between the LOS, document management platforms and compliance systems.

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Topics: Compliance

Sign on the Digital Dotted Line: TRID’s Impact on eSign Adoption

Posted by Harry Gardner on Mar 24, 2016 9:00:00 AM

Image_1.pngFive months after the CFPB’s TRID rules went into effect, mortgage lenders across the country are still struggling with how to best manage the changes. Outside of the physical changes to the documents, the biggest impact has been in the waiting periods mandated for both the initial “good faith” estimates and the closing costs disclosures. 

 

The rules are well known by now – a three-day requirement for all loan document disclosures and a seven day advanced notice for all material changes to the Loan Estimate. Closing delays due to disclosure errors can be extremely costly – impacting realtor relations and the ability of a homebuyer to move in and maybe even own the home if the rate locks and the deal falls through because of mistakes.

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Topics: Compliance, Technology