Announcement from Mike Patterson
By Mike Patterson posted on April 27th 2015
An Independent Integrated Disclosure (TRID) Solution Is READY NOW
The new TILA-RESPA Integrated Disclosures (TRID) are required for all residential covered loans that have applications dated on or after Aug 1, 2015.
We are hearing that some loan origination software developers:
- may not meet that deadline,
- will not support all loan programs -- e.g. not construction, one-time close, step, or variable rate loans; or
- will not be producing the new required Loan Estimate and Closing Disclosure forms at all!
We have also been told that the August 1, 2015 deadline WILL NOT BE EXTENDED by the CFPB!
If you are not testing your current software vendor's integrated disclosures RIGHT NOW, how can you be certain that they will be ready in time and will support all your loan programs -- and in time for your training needs? What if they aren’t ready in time? Who will be blamed? You???
Regulators Require Backup Contingency Plans
Financial regulators require lenders to have backup contingency plans in case of critical vendor delay/failure. Do you meet your regulator's expectations for your critical vendor business continuity programs? You cannot provide loans to consumers secured by their homes if you cannot disclose them properly. See OCC bulletin: http://www.occ.gov/news-issuances/bulletins/2013/bulletin-2013-29.html
Our integrated disclosure solution features:
- Availability – it’s ready for you to test RIGHT NOW for FREE!
- Supports construction, one-time close and other irregular loans; fixed, variable, and step interest rates;
- Compliant with ALL CFPB announcements (including 1-20-2015) and other regulatory requirements;
- Operates independently from other loan origination software systems;
- A user can type directly into screens that look just like the LE and CD or they can import their loan data directly from their loan origination system via MISMO XML file version 2.6 or later (Version 3.3 is under construction);
- Exports the amended MISMO XML file back to the loan origination system (under construction, ETA 1 month);
- Collaborates electronically with settlement agents for their required data inputs for the Loan Estimate and Closing Disclosure via simple email invitation. Settlement agent does not need any extra software! Settlement agent offered inputs can then be compared-accepted-rejected by the lender throughout the closing process with the decision(s) sent back electronically to the settlement agent; and
- Delivers the integrated disclosures electronically in full compliance with all applicable ESIGN Act requirements. Otherwise, normal email delivery of the disclosures without borrower prior consent is NOT compliant! This e-delivery method can shorten the disclosure delivery periods by 3 business days.
- No long term contracts. Pay for what you use. Specific pricing is available on our website.
- On The Drawing Board -- Within 2 months, we will be able to “ghost” this system under any brand or vendor name. Use our or your LE and/or CD with our “one of a kind” collaboration tool! Why re-create the wheel?
Don't get stuck with the blame if your software vendor drops the ball. Let us be either your Plan A or Plan B contingency. We don't mind sitting on the bench. When called in...WE WILL NOT LET YOU DOWN!
LEGAL NOTE: Our computer screens, code and collaboration methodology have been copyrighted. Any unauthorized use is strictly prohibited. Patent Pending.