As some mortgage firms still struggle to comply with the TILA-RESPA Integrated Disclosure requirements, service providers offer some solutions.
Mid America Mortgage Inc. recently reported that it has been acquiring nearly 20 loans a week that were kicked back by investors for TRID defects.
A survey form the National Association of Realtors found that a majority of agents it surveyed
had experienced difficulties with the Closing Disclosure.
In February, DocMagic Inc. said it developed
an extensive set of new representations and warranties for its calculations, documents and data to provide peace of mind to lenders on TRID compliance.
The Premium Compliance Guaranty promises timely electronic delivery of initial disclosures and accurate and complete Loan Estimates and Closing Disclosures.
“Additionally, the Premium Compliance Guarantee ensures timely electronic delivery of initial disclosures, compliance with federal and state high cost/HPML laws and accurate document selection logic resulting in compliant loan packages,” DocMagic stated. “The Guarantee also ensures that all other compliance and data validation audits will trigger at the appropriate times during the loan process, providing critical warning messages to help lenders stay in compliance with applicable laws.”
A major update to
ACES Web Audit Technology, a quality control software system, supports lenders and originators still struggling with TRID compliance, ACES Risk Management said in a March 7 news release.
The company developed a TRIDCompare tool, which reportedly enables clients to perform TRID reviews quickly and at a fraction of the cost of manual reviews.
Last month, CC Pace announced that two-out-of-three lenders it studied are experiencing significant levels of pain related to their TRID implementation.
So it launched its TRID Rapid Review program, which reportedly utilizes an action-oriented combination of operational and technology assessment and swift implementation of corrective fixes to specific pain points.
LendingQB said Wednesday that a majority of its loan origination system clients
felt they were provided with a TRID-compliant solution by the required implementation date.
The Costa Mesa, California, company partnered with Docutech to meet the Oct. 3 implementation date.
