With so many required changes to the data and documents we deliver to our borrowers, partners and the government; many loan originators are considering necessary upgrades to their technologies. But how can you tell the most successful vendors apart from those who cannot deliver? You must seek out the clues to success.
Five 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.
Person of the week: Kris Perez is customer success manager for Idaho Falls, Idaho-based Docutech, which provides compliance services and documentation technology for the mortgage industry. MortgageOrb recently caught up with Perez to get her views on why certain technology vendors were singled out for not adequately meeting the Oct. 3 deadline for implementation of the Consumer Financial Protection Bureau’s (CFPB) new TILA-RESPA Integrated Disclosure (TRID) rules, as well as how vendors should prepare for the upcoming expansion of reporting requirements under the Home Mortgage Disclosure Act (HMDA).
