Even though the TRID regulation will see its 4th birthday this October, we still see a lot of our blog traffic searching for this topic. It is likely because the strict penalties a misstep can cause, continues to keep originators up at night. Managing this process between multiple systems, using spreadsheets to compare fees and manual processes to compare document…
As I work with lenders to solve for the alphabet soup of compliance, TRID and HMDA specifically, I consistently receive questions around the latest rumblings popping up in the news. Recently I’ve been asked about tolerance violations related to the loan estimate (LE) and closing disclosure, as well as increased investor scrutiny on seller HMDA data. I addressed those questions…
It seems some may still be a little confused on how to disclose and treat seller credits, according to the results of some of the reviews we do here at LoanLogics. TRID requires a lender to provide a good faith estimate of the fees that may be charged to, or imposed on, the borrower. That means that any fee disclosed…
With the increase of FinTech, technology to support financial service operations, comes RegTech, the technology to address and monitor regulatory compliance. Today, we have the makings of digital mortgages, consisting of online applications, verifications, approvals and closing; the paperless, virtual mortgage. FinTech companies and processes were created to enhance the consumer experience while improving their communication and engagement with financial…
I guess it took some strong lobbying. But, now two Congressman, Rep. French Hill, (R/AK) and Ruben Kihuen (D/NV) want to improve upon how title insurance premium costs are disclosed under TRID. This has been a sticking point with lenders and title companies since the TRID rules were finalized. It was not addressed in the most recent TRID updates. Rep.…
You remember TRID’s “Black Hole?” The circumstance created by the new rule whereby a lender is unable to reset fee tolerances once an initial Closing Disclosure is issued and fees increase but closing gets delayed for more than 3 days. The question remains, how can a lender recover a fee increase once a CD is issued but closing gets delayed…
