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Technology and TRID: Will We Be Ready?

David Lykken
Apr 16, 2015

Last week on my Lykken on Lending radio show, I had the opportunity to interview Ken Markison, vice president of the Mortgage Banking Association (MBA), about the challenges with the upcoming TRID changes. There has been speculation that the industry may be getting more time to prepare for TRID than was initially thought. Many are pushing back against the industry—saying that we have had plenty of time to prepare for TRID. And it's true that we have had nearly two years. Isn't that enough?

According to Ken Markson, it may not be. Making the necessary changes to prepare for TRID isn't simply a matter of procedure. It's also a matter of technology. Have vendors had adequate time to develop the necessary systems to be compliant with TRID, such as dynamic documents? More so than originators and servicers needing more time, vendor preparedness seems to be a critical issue. If we don't have the technology capable of conforming to TRID fully developed, we aren't going to be able to do it. And there may still be some kinks to work out in the software. It's possible that we realistically still do need more time.

Whether or not we get more time, we are hoping that regulators will be lenient as organizations in the industry attempt to transition into the new rules and the new technologies. If regulators want TRID to be successful, they know that they're going to have to work with us for a smooth transition. When it's all said and done, I'm willing to bet that we will look back on TRID and wonder what we were so worried about. We'll get through it, and I don't think it will be as bad as we thought it would be.


David Lykken is 40-year mortgage industry veteran who has been an owner operator in three mortgage banking companies and a software company. As a former business owner/operator, today David loves helping C-Level executives and business owners achieve extraordinary results via consulting, coaching and communications, with the objective of eliminating corporate dysfunction, establishing and communicating a clear corporate strategy while focusing on process improvement and operational efficiencies resulting in increased profitability. David has been a regular contributor on CNBC and Fox Business News and currently hosts a successful weekly radio program, “Lykken on Lending,” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. He produces a daily one-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper Web sites across America. He may be reached by phone at (512) 501-2810 or by e-mail at [email protected]

Apr 16, 2015