Having the right software in place promotes compliance and good customer service, says Jim Connell, chief information officer at Sierra Pacific Mortgage.
“Collaboration with closing agents is crucial to delivering accurate closing disclosures in a timely manner,” says Connell, adding that a well-designed solution with a clean interface that follows the Closing Disclosure (CD) format is an absolute necessity. “This was a real differentiator as we feel it will drive adoption of our process with numerous settlement agents across the country.”
Some in the industry have been predicting delays and disaster with the new TRID rules, with one association president calling it “the single largest implementation challenge that the industry has faced since Dodd-Frank.”
MBA Senior Vice President Residential Policy and Member Engagement, Pete Mills, was calling for a grace period only a few days before TRID went into effect, stating that a survey showed many brokers are still unprepared.
One company has been working with lenders for several months now to prepare them for the new TRID requirements for transparency during a mortgage loan transaction.
“We’re pleased to be working with Simplifile and with the efforts they’ve made to ensure we are TRID-ready,” said Shane Erksine, president of OneTrust Home Loans. “One of the major reasons we chose them as our partner was their established network of settlement agents who are already using their services every day.”
“One of the biggest issues with TRID will be how lenders and settlement agents will communicate changes to various documents on a timely basis,” said Robert Olivier, loan servicing officer for Country Bank. “The Collaboration and Post Closing portal provides the ideal solution for us to collaborate on these changes to meet the required timeframes.”