Open Mortgage Implements Fully TRID-Compliant LOS In 50 Days


Mortgage lender Open Mortgage recently implemented a fully “TRID-compliant” loan origination system (LOS) in 50 days using software solutions from LendingQB and IDS.

The Consumer Financial Protection Bureau’s new TILA-RESPA Integrated Disclosures (TRID) rule combines existing mortgage disclosures into an easier-to-understand format. It requires lenders to get the new loan estimate disclosure into borrowers’ hands within three business days after a mortgage application has been received and the closing disclosure into borrowers’ hands at least three business days prior to the closing date.

The new rule has been an operational nightmare for lenders, requiring a great deal of time and expense in terms of technology upgrades – but with LendingQB’s LOS and IDS’ e-document technology, Open Mortgage was able to implement a fully TRID-compliant LOS in just 50 days.

“We knew that our implementation timeline was aggressive, wanting to both implement a new LOS and prepare for TRID within 60 days,” reports James Howard, chief technology officer of Open Mortgage, in a release. “Our success was due to having clear implementation plans with our vendors and a team at Open Mortgage that was dedicated to the project. Our first production loan was entered into the new system just 50 days after our implementation kick-off meeting.”

“We were working with Open Mortgage on TRID issues before the contract was even signed,” says Binh Dang, president at LendingQB. “We knew it would be a large undertaking and require careful coordination with IDS. But what impressed us the most was how dedicated and focused the Open Mortgage staff was to the implementation project. They were an ideal client.”

“Ensuring partner compatibility with the TRID-related changes we made to idsDoc was a critical component of our TRID preparation strategy,” adds Mark Mackey, vice president at IDS. “We spent months testing the changes with our partners like LendingQB to verify that everything was in alignment, compliant and ready to go live by the deadline.”

New functionality provided by the LendingQB LOS allowed Open Mortgage to update and improve existing processes. The lender adopted LendingQB’s Lean Lending workflow best practices – one of those being a centralized disclosure desk.

Meanwhile, IDS’ E-Sign Platform allowed Open Mortgage to bring new e-sign capabilities to all of its branches.

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