First American Financial Corporation recently announced the launch of its new PredProtect enhancements and schema, along with the availability of its Release Candidate (RC) testing site, developed to meet the needs of banks and mortgage lenders in complying with the TILA-RESPA Integrated Disclosures (TRID) Rule.
“TRID-readiness is a top priority for our customers, so it’s also been a top priority for the PredProtect development team for the last year,” said Jeff Moyer, chief product and strategy officer for First American Mortgage Solutions. “We believe our customers will benefit from the enhancements made to PredProtect.”
The PredProtect enhancements also include the Loan-level Fee Override Feature, which allows users to override undesired fee treatment and immediate fee treatment handling on a case-by-case basis, and the Loan-level Test Controls feature, which allows users to turn system tests on or off on a case-by-case basis.
“Clearly, TRID fundamentally alters the loan manufacturing timeline and process for mortgage lenders,” said Kevin Wall, president of First American Mortgage Solutions. “Now, lenders who rely on PredProtect can proceed with confidence knowing they have a TRID-ready solution well before the effective date, which gives them plenty of time to perfect their training and processes.”
The PredProtect 5.0 schema incorporates the following changes:
- Updated Loan Information Input fields
- Updated Worksheet and Summary of Results section
- Product Type flexibility
- TRID Test Enhancements
- Closing Disclosure – Re-disclosure Analysis
- Disclosure Timing Analysis
- Total Interest Percentage (TIP) Analysis
- Five-Year Comparison Analysis