ComplianceEase Launches TRID Disclosure Monitoring and Auditing Solution

ComplianceEase, the nation’s leading provider of automated compliance solutions to the financial services industry, recently announced that its online compliance management platform, ComplianceAnalyzer, now fully supports loans originated under the new TILA-RESPA Integrated Disclosure (TRID) rules and has incorporated TRID changes into the thousands of federal and state compliance tests that have been affected by the new rules.

The latest ComplianceAnalyzer release includes a new module, TRID Monitor, which provides complete auditing of TRID disclosure timing, changed circumstances, and fee tolerances across all disclosures, according to the company. This will allow lenders to test the new module and finalize their compliance procedures before the current TRID effective date of August 1, 2015, or the proposed new date of October 1, 2015.

“Our latest release of ComplianceAnalyzer can quickly and definitively answer the questions of the hour: is this loan TRID compliant and how can I prove it?” said John Vong, president of ComplianceEase. “ComplianceAnalyzer with TRID Monitor can audit all of the new TRID documents—from the Initial Loan Estimate through to Closing and Post-Consummation Closing Disclosures—to ensure compliance and to detect and help correct fee tolerance issues.”

The company also noted that ComplianceAnalyzer is a comprehensive, real-time TRID auditing option available in the market for lenders of all sizes. This new technology allows lenders to insert flexible TRID compliance controls into any system, and it can be used at any point in the lending process across a variety of origination channels.

“Our deep experience with regulatory examinations, including creation of the Lending Examination File (LEF) standard for e-Exams, gave us unique insight into the kind of audit reports that investors and regulators might expect, and the compliance audits that they will most likely perform,” said Jason Roth, SVP of product management at ComplianceEase. “ComplianceAnalyzer’s new TRID Monitor module is designed to meet and exceed the most exacting standards and to give lenders, of all sizes, greater comfort levels.”

ComplianceAnalyzer with TRID Monitor Features: 

• Reviews new disclosures, renders a compliance decision in seconds and displays findings with an easy-to-read risk score and tolerance analysis, backed by regulatory citations and narrative explanations

• Monitors all disclosed fees throughout the origination process to determine if changes are allowable under TRID and if re-disclosure is permitted and/or required

• Audits all disclosure timing requirements, tracking dates and delivery methods

• Tracks allowable reasons for re-disclosure to automatically compare disclosed fees and terms from Initial and Revised Loan Estimates to those on the Closing Disclosure(s)

• Audits final closing documents, alerting lenders to closing table changes that create compliance issues and calculating refund and deadline for remediation

• Maintains a complete audit trail throughout the loan origination lifecycle