Mortgage Builder Software says its Architect loan origination system (LOS) now sports the features and capabilities lenders need to comply with the Consumer Financial Protection Bureau's new TILA-RESPA Integrated Disclosures (TRID) rules, now proposed to take effect on Oct. 3.
‘TRID compliance is a subject of great concern for our customers, and although achieving compliance can be complicated and challenging, it is absolutely achievable,’ says Lawrence Alston, general manager of Mortgage Builder, in a release. ‘We've devoted substantial time and resources to studying the rules and updating our software, and we're now working closely with mortgage bankers to help them prepare for the October deadline through a combination of technology and education.’
The company, which is owned by Altisource, says its LOS now automates key processes related to TRID, including the following:
Tolerance tracking: TILA-RESPA defines three tolerance charge categories that limit the increase of certain fees from the amount disclosed on the loan estimate form to the amount actually charged on the closing disclosure form. Mortgage Builder's LOS now helps to prevent errors by automatically recognizing which category the fees belong to by calculating the applicable tolerances as fees are changed by the user and by warning users when thresholds are exceeded.
Timing requirement management: The LOS simplifies event tracking by automatically calculating the earliest dates that creditors can collect fees, the due dates for disclosures and permissible closing dates. This makes it much easier to communicate expectations to consumers, real estate partners, brokers and closing agents.
Closing disclosure processes: The system automatically transfers the fees entered on the loan estimate screen to the closing disclosure, thereby reducing data entry time and the potential for data input errors. It will automatically determine if a new three-day waiting period is required for changes prior to closing and will identify when disclosures are required based on numeric or non-numeric clerical issues.
Mortgage Builder reports that it is also offering a number of educational programs to its customers to explain the new rules and provide compliance strategies. For more on those, click here.