With TRID now only weeks away, companies are focusing on extensive compliance expertise as being key to managing loans and being positioned for automated audits.
“Compliance is more and more important, and non-bank lenders now have the same type of compliance systems that the traditional banks have long had,” says Gavin Ales, the new chief compliance officer for DocMagic. “Consumers expect companies to be compliant.”
The sheer amount of training, workshops and webinars that Ales and his team has put on for lenders in the last six months has been jaw-dropping, says Joe Bowerbank of Profundity Communications, but adds that the feedback they’ve collected on compliance issues as been invaluable.
“it’s a great time to be a compliance officer,” says Bowerbank.
The upcoming TILA-RESPA Integrated Disclosure Rule (TRID) will allow mortgage professionals to take control of the closing process, generate closing documents and schedule closings directly with the title company – something that has taken on a new sense of urgency for those in the mortgage industry
“(We’ve) been working very closely with our clients, LOS partners, industry experts and other mortgage entities to be absolutely 100 percent certain that we are TRID compliant,” says Dominic Iannitti, president and CEO of DocMagic.
But it also means those in the industry need to be up to speed with the requirements of the “Know Before You Owe Rule” by the October 1 deadline.
Being “up to speed” is crucial, as it boils down to the reputation of the originator, says Ed Fournier of Connecticut Home Mortgages.
“You need to be up-to-date on all the changes because one missed change could affect a borrower and hurt an originator’s reputation,” Fournie
r told MPA. “If I’m not up to date on the mortgage changes, someone else in my office is.”