StreetLinks National Appraisal Services has announced TILA-Trigger, a technology solution the company says ensures lenders are in compliance with the new Truth In Lending Act (TILA) disclosure regulation.
Earlier this year, the Federal Reserve Board issued a final rule implementing changes to Reg Z prohibiting the collection of fees from borrowers prior to their receipt of disclosures, as specified by the Mortgage Disclosure Improvement Act (MDIA).
TILA-Trigger allows an appraisal-ordering party to submit borrower-paid appraisal requests without the need to compute complicated disclosure time periods. The borrower's credit card is verified but not charged until authorization to do so is triggered by the lender via an automated integration, StreetLinks says.
‘Brokers and correspondents simply place their appraisal requests with StreetLinks as usual and we queue them until we receive automated authorization from the lender to proceed,’ says Tony Ebeyer, StreetLinks COO. ‘Lenders don't need to worry about borrowers being charged before the disclosure waiting period is met.’