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“In my work consulting with lenders on the challenges of complying with TRID, I came to the conclusion that a quick reference guide and interactive online tools would help them and their staff better understand the new disclosure requirements. Anything that can help individuals get up to speed more quickly will benefit them, as well as the entire mortgage industry,” said Mike Vitali, SVP/chief compliance officer at LoanLogics and author of the guide.
The purpose of the TRID Guide is to provide a useful lender resource that is easy to follow and helps relieve some of the pressure they are feeling regarding getting prepared. That is critical; because of how pervasively this impacts a lender’s operations and the challenge of meeting the deadline and staying compliant once the rule goes live. Additionally, this guide may be downloaded and distributed to staff as a handy quick reference tool for day-to-day reference when needed.
“We’ve provided this reference guide, as well as online interactive tools, that will address many of the concerns Lenders face in preparing their staff to comply with these new rules,” said Vitali.
Some of the topics covered in the guide and the interactive Web site include:
►A detailed explanation of both the new Loan Estimate and Closing Disclosure forms.
►Interactive tools with line-by-line references for how to complete the new disclosure forms.
►A sample TRID disclosure calendar.
►LoanLogics newsletter articles with perspectives on TRID compliance and questions lenders need to consider regarding their TRID readiness.