Monday, December 12, 2016

TRID Compliance is all About Connections

After nearly 30 years in the industry and a successful track record of building technology that currently connects lenders responsible for 90% of the country’s loan volume to the nation’s largest title underwriters and thousands of settlement agents across the country, Ernst attacked the problem of TRID compliance nearly a year before the rule went into effect. Now, after a year of use in the industry, the solution is ready to protect the industry from CFPB’s upcoming enforcement audits.

Ernst’s answer to this problem is the Settlement Agent Gateway, a collaborative fee management technology that allows settlement agents to work with lenders to negotiate fees and then manage these fees in a web-based tool through which they certify the accuracy of their fees and then make them available to lenders who need to provide Loan Estimates under the new requirements.

We wrote about this solution in this short article and in a new white paper available on our website. The solution ensures full TRID compliance, protects the lenders from having to re-disclose later for quoting the wrong fees and protects smaller settlement agent firms from being pushed out of the market due to non-compliance concerns.

It works because it allows lenders to create their own proprietary network of approved settlement agents. Lenders can easily approve and migrate all settlement service fees and providers into a software solution that integrates with their LOS, closing portal and internal programs. Lenders control all naming conventions for their required settlement service fees so there is never confusion.

The Gateway provides lenders access to 100% accurate fees from the partners they choose to work with from their first quote, keeping them in full compliance with TRID and providing a better experience for their borrowers. No other solution on the market today makes this possible.

Find out more in our current white paper.

Friday, November 18, 2016

Can There Really Be a Clear Path to TRID Compliance?

Starting in October 2016, the Consumer Financial Protection Bureau will begin taking enforcement actions against lenders who violate its TILA/RESPA Integrated Disclosure rules. For lenders who don’t have this process completely rewired for compliance, this is bound to be a horrifying experience. Some lenders have already been driven from the business for TRID noncompliance and the CFPB wasn’t even keeping score yet. Now, it gets real.

Recently, we wrote a White Paper that lays out the only clear path to TRID compliance we can see. The good news is that there is such a path. It’s also good news that the technology was created by a well known industry vendor (Ernst) and that it is already working and has been for more than a year.

But lenders need more than technology to be fully compliant. What they really need is the ability to create “plug and play” title networks based on their own preferences that are capable of delivering guaranteed accurate fees in time for the LE that do not change when the CD is issued. Fortunately, technology currently exists to make this possible.

Like most modern compliance challenges, the solution is better technology. The best technology is developed by industry insiders with a long history of building workable solutions that have stood the test of time. While nothing stays the same, success follows those who continue to do those things that work. In this short article, we wrote about that technology.

You can also read about it in our current white paper.