[1]NetDirector, LLC [2], a provider of cloud-based data and document exchange services for the mortgage banking industry, recently signed an agreement with enterprise lending solutions provider, Mortgage Machine Services [3], to enable them to comply with the upcoming TILA-RESPA Integrated Disclosure [4] (TRID) requirements, according to a recent press release.
Mortgage Machine Services selected NetDirector because of its vendor neutrality and ability to swiftly build out the loan origination ecosystem, bringing together participants from loan origination systems (LOS), document management platforms, title companies, and other settlement services vendors, the release said.
For more than ten years, Mortgage Machine Services has been providing mortgage bankers with tools and solutions, NetDirector said. Over the years, it has added functions and capabilities to its flagship LOS Mortgage Machine while focusing on its core business. The Mortgage Machine is now a tool that mortgage bankers need to manage customer acquisition, marketing, pricing, underwriting, closing, funding, shipping, secondary marketing, and business reporting.
"Ensuring compliance with TRID is our top priority. In order to accomplish this, we needed to enhance our capability to communicate and collaborate with our service providers," said Jeff Bode, president of Mortgage Machine Services, Inc. "NetDirector's data exchange hub was the logical choice to connect us to all of our trading partners with their proven record in the mortgage banking industry."
According to the press release, NetDirector has been providing innovative and secure cloud-based data exchange solutions to the default servicing sector of the mortgage banking industry since 2005. NetDirector creates value for organizations by providing speed in transaction processing, reducing partner collaboration costs, and enabling greater responsiveness in serving customers.
"We are excited about the opportunity of leveraging our integration expertise within the loan origination ecosystem," said Harry Beisswenger, CEO of NetDirector. "We believe we can significantly reduce vendor integration costs by replacing the current direct interface model with a single connection hub approach. We offer a single source data mapping and interface support model that provides long-term integration reliability and portability for all network participants."