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.