Torrance, California based DocMagic, Inc. announced that it has completed all required TILA-RESPA Integrated Disclosure rule (TRID) software development and testing so that the company’s clients and LOS vendors can now take advantage of these enhancements and ensure they are prepared for the August 1 TRID deadline.

Appraisal management company Accurate Group announced the launch of a new interior property inspection tool—iValueNet. The Cleveland, Ohio-based company said that iValueNet is part of their ValueNet suite of appraisal tools that can be utilized by banks, credit unions, and mortgage lenders as a cost effective-alternative to other interior appraisal options on the market.

As the August 1 deadline for the Truth in Lending/RESPA Integrated Disclosures (TRID) nears, lenders are preparing for the multiple ways their loan operation will be impacted by the new Consumer Financial Protection Bureau requirements.

As the MReport reported last week, credit is still tight for most borrowers, according to an April Urban Institute report. The report studied loan trends between 2009 and 2013, and found that mortgage credit is tighter than it was at the peak of the housing bubble in 2005 and 2006, as well as pre-housing crisis in 2011.

This week, First Horizon National Corp. announced that First Tennessee, the regional bank for First Horizon, reached an agreement with HUD and the U.S. Department of Justice to settle claims related the mortgage business the company sold in 2008. As part of the settlement, First Tennessee has committed to make a cash payment of $212.5 million.

Under the terms of the RMK Financial Corporation consent order, RMK must pay a civil penalty of $250,000 in addition to halting the practices the CFPB found issue with.

Lenders who put eMortgages and eClosings on the back burner in 2008 find themselves racing into the future, where electronic mortgage processing is no longer a “have” but a “must.”