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Talking TRID: Review the Top 5 Concerns and How to Combat Them

checklist [1]

With the TILA-RESPA Integrated Disclosure [2] (TRID) rule deadline rapidly approaching October 3, 2015, lenders are gearing up for the upcoming changes but not without a few worries. Brad Schaltenbrand, director with Navigant’s Financial Services Practice [3] sat down with MReport to discuss a few TRID-related concerns and some viable solutions to these issues.

1. Lenders can take the following steps to help ensure that they are current with CFPB compliance:

2. The CFPB’s goal is to achieve a more streamlined and consistent consumer experience in mortgage origination. The following steps can help lenders enhance the customer experience:

3. With TRID, the CFPB is driving to a completely electronic workflow for mortgage loans, so lenders can optimize their workflow by taking the following actions:

4. Training and awareness will be critical elements of an effective TRID compliance program. The following steps can help maximize these important aspects:

5. I believe that the TRID learning curve and managing customer expectations around closing times will be the biggest hurdle for lenders.  It will take time for borrowers and lenders to get used to new TRID processes, timelines, disclosures, and rules.  At the onset it is going to take longer for borrowers to close on a loan under TRID.  Lenders will be challenged to manage and meet borrower expectations.  Proactively educating and communicating with borrowers and embracing digital closing platforms will help.

Other significant challenges may include:

Click here to read more about Navigant [3].