“We’ve been around for 25 years,” said Tate Kesner, director of sales for Calyx. “We’ve seen the industry come up, we’ve seen the industry go down. We’ve seen all the changes, so this isn’t our first rodeo. We have a number of different products, for the small broker all the way up to the mortgage banker who has a hundred loan originators and branches. So we can cover the full gamut.”
Kesner said that Calyx knew originators would be wary of the new rules, and the company worked to make sure its products would make the transition as smooth as possible.
“There was a lot of fear that was built up within the industry that everything was going to change and it was going to be hard for everybody to grasp what was going on, especially with the new loan estimate and closing disclosure forms,” he said. “(But) the LE and the CD are only about 30% of the TRID changes. The rest of it is within processes and procedures, and learning how to redo things. But our clients were very worried: ‘Okay, I’m used to filling out all of our disclosures this way.’ “So Calyx approached it from this standpoint: How can we make it as simple as possible for our users while they’re learning all the procedure and process changes?”
The answer was to keep the user experience as consistent as possible.
“Our group is used to completing what we call a fees worksheet. That same fees worksheet is left in the software,” Kesner said. “Because the GFE and TIL is still valid for certain loan types, and then you have the LE and CD for other loan types. So the broker, the lender or whoever is going to have to be able to complete either set of forms based on what the loan type is. So instead of them having to figure it out, we made it so they just fill out the fees worksheet. Then we transfer the data to whatever form they need. We round it for them, we put it in the correct alphabetical order; we do everything for them. All they have to do is complete the fees worksheet. Now when they go over to the loan estimate, there are only two fields they have to complete. The first one is the application date, and the second is whether they require a signature or not. So that’s all they have to fill out on the LE, and then they can print the LE.
“Then their question was, ‘What do I do when I get to the closing disclosure?’ Because those are integrated; they have to read together. So we created a closing fees worksheet. You click one button and it copies everything from the fees worksheet to the closing worksheet, then populates everything into the closing disclosure. We just made it very simple to transfer that data as well.”
Ultimately, Kesner said, TRID won’t be as earthshaking as some worry it will.
“It’s like anything in life,” he said. “Life changes; life throws you curveballs. And how you deal with it is how you’re going to progress and move forward. Is it going to end everything? No. we just all have to learn that there’s a new way of doing it. Change scares a lot of people. We have people who’ve used our software for 20-plus years, and now they’re having to learn something new. That’s very scary to somebody who’s been doing something the same way for 20 years. But it doesn’t matter whether we agree with it or don’t agree with it; we just have to grasp it and move forward, because it is part of our business now.”
TRID is a done deal, but that doesn’t mean loan originators are happy about it. Many worry that the new requirements will cause problems as the industry adapts to them. Calyx Software, which creates loan origination software for residential mortgage originators, is trying to ease the transition for its customers.