The deadline is fast approaching for mortgage firms, closing agents and real estate agents to implement new integrated disclosures, and help is still available.
On Oct. 3, new disclosures required by the Consumer Financial Protection Bureau under the Truth in Lending Act and the Real Estate Settlement Procedures Act will go into effect. The TILA-RESPA Integrated Disclosures are also known by the acronym TRID.
The American Land Title Association issued a statement Tuesday indicating that it was encouraged by CFPB Director Richard Cordray’s
testimony before the House of Representatives Financial Services Committee today again recognizing the need for a hold-harmless period for companies that make a good-faith effort to comply with TRID.
The trade group noted that even though its members are prepared for TRID implementation, previous experience with the implementation of new regulations
has proven that there can be a learning curve or unforeseen issues once the new forms are used in real transactions.
“We are encouraged by Director Cordray’s statement that any enforcement action on TRID would be diagnostic and not punitive during the first few months of implementation,” Diane Evans, president of ALTA, said in a written statement. “We look forward to additional guidance from the CFPB as we approach the Oct. 3 TRID implementation date.”
The ALTA said it still supports legislation like H.R. 3192 until formal CFPB guidance is issued.
A
set of resource guidelines launched by the Mortgage Bankers earlier this month is intended to educate lenders, their business partners and consumers about TRID.
“MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process,” MBA President and Chief Executive Officer David Stevens said in the statement. “Our industry has been preparing for these changes over the last several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules.”
New resources added to Ellie Mae Inc.’s Compliance Central are intended to help customers prepare for workflow changes tied to TRID. Among the enhancements are eLearning courses and a RESPA-TILA frequently asked questions assembled from prior webinars, town halls and training.
A compliance audit interface in the LoanLogics LoanHD platform has been enhanced to support TRID, a news release Monday said.
The technology now includes tools needed to identify, track and trend loan discrepancies and defects related to the utilization of the new Closing Disclosure.
Over at ISGN Corp., the Gators settlement services and vendor management platform has been upgraded to
meet TRID’s Closing Disclosure requirements.
“We spent the last month working closely with our customers to determine what other enhancements we could make to the Gators platform to help them comply with the TRID Closing Disclosure requirements as quickly and easily as possible,” ISGN Chief Technology Officer Don Gaspar said in a news release. “The new integrated disclosures are living, dynamic documents with several moving parts, which is unlike anything the mortgage industry has ever worked with before, so we will continue to leverage our customers’ feedback to make further enhancements to Gators as we approach the new Oct. 3 deadline.”
A Sept. 8 announcement from Sierra Pacific Mortgage indicated that the Folsom, California-based lender is utilizing Simplefile to help it comply with TRID.
