You’ll Be Ready for TRID. Will Your LOS?
The Consumer Finance Protection Bureau has spoken: There will be no extension of the August 1 deadline for the new TILA/RESPA Integrated Disclosure Rule.
Predictably, lenders are taking stock of their technology and technology vendors. When it comes to loan origination software, they should be asking three questions: Does the software facilitate communication in operational relationships? Is it a workflow that matches your company? And, is it ready for TRID implementation on August 1?
In this free eBook from MortgageDashboard, author Jorge Sauri gives 5 components of a compliant loan origination system, including:
- Real-time monitoring
- Compliance alerts
- Auditing tools
- Supporting documentation
- Automatic updates
The CFPB has put the responsibility of TRID on the lender. It is on them to communicate more clearly with every party as well as ensure timeliness and accuracy of the disclosures. Now more than ever, credit unions, community banks and mortgage bankers need mortgage software as good as they are. Success in a post-TRID environment requires access to the right technology and the right support. Download “Mitigating Impact: How to Reduce TRIP Compliance Risk with Mortgage Technology” and discover what to look for in your loan origination software.
Download “Mitigating Impact: How to Reduce TRID Compliance Risk with Mortgage Technology” free: