Trevose, PA, April 16, 2015
LoanLogics, a recognized leader in loan quality management and performance analytics, understands that meeting the deadline for the TILA-RESPA Integrated Disclosures (TRID) requires a lender's technology, document providers and staff to be prepared, according to their quick reference compliance guide, "Are You TRID Ready?" The deadline to comply with TRID is August 1, 2015.
"In my work consulting with lenders on the challenges of complying with TRID, I came to the conclusion that a quick reference guide and interactive online tools would help them and their staff better understand the new disclosure requirements. Anything that can help individuals get up to speed more quickly will benefit them, as well as the entire mortgage industry," said Mike Vitali, the SVP/Chief Compliance Officer at LoanLogics and author of the guide.
The purpose of the TRID guide is to provide a useful Lender resource that is easy to follow and helps relieve some of the pressure they are feeling regarding getting prepared. That is critical; because of how pervasively this impacts a lender's operations and the challenge of meeting the deadline and staying compliant once the rule goes live. Additionally, this guide may be downloaded and distributed to staff as a handy quick reference tool for day-to-day reference when needed.
"We've provided this reference guide, as well as online interactive tools, that will address many of the concerns Lenders face in preparing their staff to comply with these new rules," said Vitali.
Tracking versions of the new disclosures, as well as timing definitions, is a role for technology. Lenders can't rely on humans to get this correct. Open infrastructure technology with active alerting and dynamic workflow driven by rules will become the standard.
This also becomes one more reason for pre-close audit reviews to enable tighter control of data and details. Even as loans are boarded to servicing, it will no longer be satisfactory to merely check for the presence of documents. Instead, systems must also check for correctness and track versions.
Some of the topics covered in the guide and the interactive website include:
To interact with this free on-line resource, go to Loanlogics.com/TRID.
LoanLogics was founded ten years ago to improve the transparency and accuracy of the mortgage process, improve the quality of loans and reduce risk to industry participants. LoanLogics serves the needs of residential mortgage lenders, servicers, insurers, and investors that want to improve loan quality, performance and reliability throughout the loan lifecycle. It develops advanced solutions that help clients validate compliance, improve profitability, and manage risk during the manufacture, sale and servicing of loan assets. Achieving these goals was the motivation in the development of our Enterprise Loan Quality and Performance Analytics Platform. To learn more, visit www.loanlogics.com.
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