September 16, 2015

TRID Compliance for Mortgage Industry and its Repercussions

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The (TRID Compliance) TILA-RESPA Integrated Disclosure rule consolidates four existing disclosures required under TILA and RESPA for closed-end credit transactions secured by real property into two forms: a Loan Estimate that must be delivered or placed in the mail no later than the third business day after receiving the consumer’s application, and a Closing Disclosure that must be provided to the consumer at least three business days prior to consummation (TILA-RESPA Integrated Disclosure rule).

What is the new rule?

As per the new TRID compliance rules (with effect from October 3rd, 2015), the creditors/lenders are required to comply with newly integrated simplified forms – Loan Estimate and the Closure Disclosure forms. Failure to meet the new TRID compliance, lenders will be required to pay heavy fines which can go up to millions of dollars per day. Implementation of the new TRID rule goes well beyond switching forms on October 3rd, 2015. These changes require:

  • Process
  • Technology
  • Operations
  • Procedures

Netwoven - one of the leading Microsoft partners recently partnered with one of the nation’s leading private mortgage banking firm to deliver accurate Closing Disclosures documents in a timely manner.

The areas of consulting included design, implementation and integration of Microsoft Dynamics CRM to their internal disparate systems. Trailing documents still continue to be industry’s pain point. Lenders need to know where the documents are and what has happened to them after closing.

That is where Netwoven’s technical expertise can help fully automate your TRID compliance process. Netwoven leverages Microsoft SharePoint, Dynamics CRM and xRM product capabilities to provide the solution.

What did we deliver?

  • Integrated the mortgage banking-firm document vendor systems to have newly integrated disclosure documents
  • Built automation around mortgage fees and mortgage insurance calculation for retail, wholesale and correspondent channels.
  • Integrated with financial analysis providers so that providers can make key business decisions in areas of how to sell loan to Ginnie Mae, Fannie Mae, and Freddie Mae

What was the ROI?

  • Prepared the  customer for TRID compliance
  • Optimized over $400M of unfunded loans for wholesale channels
  • Saved over $6M+ in OPEX for processing “Servicing” loans
  • Saved 1000+ Man-hours per month in loan processing by integrating CRM with SmartGFE, Genworks and other vendors
  • Optimized loan pipeline data management so that business decisions such as cost analysis can be done in minutes compared to days

Netwoven can work with you as a strategic partner to help you refine your reporting capabilities and integrating your TRID compliance systems with Microsoft Dynamics CRM and Microsoft SharePoint.

For additional information or to speak with one of our experts, please email us at info@netwoven.com or call (877) 638 9683.

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