Columbia, Md.-based IndiSoft, a software and technology provider that specializes in compliance products for the financial services industry, has recently updated its RxOffice compliance platform to include the TILA-RESPA Integrated Disclosure (TRID) rules, which go into effect Oct. 3.
‘TRID rules are complex and affect all of the financial loan institutions' – both originators and servicers – federal and state compliance tests. RxOffice allows users to ensure their processes are compliant,’ says Andrew F. Campbell, counsel with Ober|Kaler law firm.
‘Once the loans are run through the system, lenders or the servicers can immediately know if they are compliant or not, and they can also know what they need to do to fix it so that they can be compliant,’ adds Campbell.
As previously reported, IndiSoft and Ober|Kaler formed a partnership earlier in the year to enhance two of IndiSoft's compliance modules, RxOffice Vendor Management Portal and RxOffice Compliance Portal, to ensure regulatory compliance.