By David Lykken
Special to MPA
When I spoke with Tyler Sherman on the May 4th episode of the Lykken on Lending
radio show, I asked him what he thinks people in mortgage organizations have been missing when it comes to preparing for TRID. What he said surprised me at first; but, after thinking about, I realized that it's actually not all that surprising.
In preparation for TRID, most organizations have been focusing on updating their systems and technologies. And rightly so -- if processes aren't up to date, keeping in line with the TRID rules is going to be impossible. Updating the technologies in order to follow the guidelines is the absolutely necessary foundation for making the transition into the new environment. But it isn't quite enough. Not only do we need to make sure our processes are prepared; we also need to make sure our people are prepared.
The mistake that many organizations are making with adapting to TRID is the same mistake that organizations make when trying to make any transition -- failing to properly train their people. If we have the most up to date technologies and the most competent systems in place, they aren't going to matter at all if our people don't know how to use them and work within them.
People need to be trained on how to work within the new environment and how to use the new systems and technologies to their advantage to thrive in the mortgage industry. When you've aligned your people and your processes under the new TRID guidelines, you'll be able to create a competitive advantage that makes you unstoppable.