TILA-RESPA Integrated Disclosures

With TILA-RESPA integrated disclosures from PPDocs, Inc., users have the ability to produce a federally compliant loan estimate and closing disclosure out of our system in a matter of seconds.

Significant variations between initial mortgage loan disclosures and final loan documents can delay or prevent a loan from closing. Texas-based PPDocs helps lenders eliminate this obstacle with our TILA-RESPA integrated disclosure (TRID) document generation system. We give lenders an opportunity to pay one low cost for a complete set of documents, with no long-term contracts or monthly fees. The lender simply inputs information about a specific loan into the system, and within seconds the lender has disclosure documents that are in full compliance with all CPFB rules, including all amendments and updates to those rules.

Breakdown

The Challenge

1. The Loan Estimate and Closing Disclosure are dynamic forms. Don't expect to fill these forms in via PDF.

2. Timing requirements

3. Delivery of the Loan Estimate and Closing Disclosure

4. Difficult to communicate with Title Companies.

The Solution

1. Import your data from your LOS or navigate through our easy to use forms
and we will do all the heavy-lifting for you.

2. Our sophisticated order forms can take all the headache away. We can calculate the dates for you!

3. We have been using eDisclosures and eSign for years! Let our eDisclosure system take over all of your delivery needs!

4. Introducing the PPDocs, inc. Collaboration Tool! We email settlement agents a secure link that allows them to collaborate in real time with their lenders. Add/Edit fees and submit them to the Lender where they can accept or reject the changes.

Features of Our TILA-RESPA Integrated Disclosure Documentation System

• A complete list of HUD counselors and Identified Service Providers for borrower consultations and education

• A tolerance analysis to identify zero, ten per cent cumulative, and unlimited tolerance levels for variations in loan fees between estimates and closing

• A collaboration tool to enable lenders and title companies to participate in document generation and review

• Access to resources to provide information on TRID waiting periods and calendar scheduling

• Forms for good faith estimate (GFE) changed circumstances to facilitate quicker creation of revised documents

Pricing

What's Included:

Loan Estimate package includes HUD Counselor List and Identified Service Providers
Closing Disclosure package includes Tolerance Analysis
All packages include collaboration tool

Pricing

Pricing per disclosure*:

$25 per disclosure (Loan Estimate or Closing Disclosure)
$20 per disclosure for volumes 250 - 500
$15 per disclosure for volumes 500 - 1,000
$10 per disclosure for volume over 1,000

* LOS Interface fee may apply

Background

TILA-RESPA Background

The Dodd-Frank Act obligated the Consumer Financial Protection Bureau (CFPB) to publish new integrated mortgage disclosure rules under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). Since 2013, the CPFB’s publication and implementation of those rules has been marked by delays, amendments, and corrections as it struggled to balance disparate interests of borrowers and lenders. The CFPB did not issue its final rules until July 2017, and in December 2017 it released still another updated guide to mortgage loan estimate and closing disclosure forms.

With incomplete and changing guidance from the CPFB, lenders are required to devote extra time and resources to verify the accuracy and completeness of their initial integrated estimates. PPDocs offers an easy, economical solution with our TRID document services.

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