[1]Newbold Advisors [2] has expanded its decade-strong regulatory and compliance support practice with new TILA-RESPA Integrated Disclosure [3] (TRID) service offerings, according to a recent company press release [4]. As the August 1, 2015 deadline quickly approaches, Newbold intends to assist lenders in supporting the transition to the new rules, finalize new process implementation, create contingency plans, and resolve any post-implementation issues.
“Newbold Advisors’ TRID service offerings convert mortgage industry-wide regulatory requirements into real measures within the unique operational environment of each Newbold client,” said Kathy Keller, Newbold’s managing director. “Through our project management, operational and regulatory change experiences we have honed the skills essential to quickly arrive at the sustainable solutions that our clients need.”
“We also know implementing sweeping change, such as the changes TRID mandates, relies heavily on timely and accurate work from a multitude of roles, such as operations, IT, and training,” Keller said. “Given the fact that loan applications and closings will need to continue to take place on August 1, it is safe to assume some lenders will then realize they need a contingency plan at the ready.”
Newbold’s regulatory and compliance support practice services are organized into pre and post-implementation, offering the following specifically to TRID:
Pre-TRID Implementation:
- Process Redesign & Planning
- Business Requirements
- Business & System Testing
- Training
- Plan “B” – Business
- Contingency Planning
Post-TRID Implementation and Beyond:
- Independent 3rd Party QA & QC, in-line or post-closing
- Data Analysis and Reporting
- Governance & Ongoing Process Improvement
- Audit Preparation
- Remediation
- Plan “B” Execution