Waterstone Mortgage Closes First TRID-Based Loan

National mortgage lender Waterstone Mortgage Corp. says it has successfully closed its first mortgage loan that was initiated and processed entirely under the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure (TRID) rules.

Waterstone Mortgage accomplished this goal on Oct. 30, which is just 20 business days after TRID's implementation date on Oct. 3.

According to the company, its proprietary digital Loan Calendar and HowToCloseOnTime.com tools were essential in closing the first TRID-based loan. The Loan Calendar, developed to ensure an efficient and well-organized loan process, shows upcoming milestones for each step of the process, with alerts and indicators for approaching deadlines.

The company's HowToCloseOnTime.com tool allows potential home buyers to enter a home loan application date and a desired closing date, then fills in all the necessary milestones with anticipated completion dates.

Waterstone Mortgage further prepared for TRID by utilizing customized reports for efficient pipeline management, held in-person training sessions and featured educational video tutorials, and developed a library of TRID-relevant marketing pieces.


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