Skip to main content

ComplianceEase Releases New TRID Disclosure Monitoring and Auditing Solution

Jun 15, 2015
ComplianceEase TRID

ComplianceEase has announced that its online compliance management platform, ComplianceAnalyzer, fully supports loans originated under the new TILA-RESPA Integrated Disclosure (TRID) rules and has incorporated TRID changes into the thousands of federal and state compliance tests that have been affected by the new rules.

In addition, the latest ComplianceAnalyzer release includes a new module, called TRID Monitor, that provides complete auditing of TRID disclosure timing, changed circumstances and fee tolerances across all disclosures. As a result, lenders can test the new module and finalize their compliance procedures about one and a half months ahead of the Aug. 1, 2015 effective date. Since late 2014, ComplianceEase has made various releases of ComplianceAnalyzer TRID functionality available for lender testing and integration development to help the industry ease its transition to TRID.

Depending on a lender’s workflow needs, lenders can use ComplianceAnalyzer to check just the latest terms and fees on any single TRID disclosure or use The TRID Monitor module to monitor changes in fees and terms throughout the origination and closing processes. TRID Monitor audits tolerance across all disclosures and changed circumstances, and tracks post-consummation disclosures, including those with a cure to the borrower. The product provides a comprehensive, independent third-party audit report that is evidence of TRID compliance. As a third-party audit, this report may carry greater weight with secondary market investors and regulators than TRID reviews performed by a lender’s own personnel or origination, underwriting or pricing systems.

ComplianceAnalyzer with TRID Monitor:

►Reviews new disclosures, renders a compliance decision in seconds and displays findings with an easy-to-read risk score and tolerance analysis, backed by regulatory citations and narrative explanations

Monitors all disclosed fees throughout the origination process to determine if changes are allowable under TRID and if re-disclosure is permitted and/or required

Audits all disclosure timing requirements, tracking dates and delivery methods

Tracks allowable reasons for re-disclosure to automatically compare disclosed fees and terms from Initial and Revised Loan Estimates to those on the Closing Disclosure(s)

Audits final closing documents, alerting lenders to closing table changes that create compliance issues and calculating refund and deadline for remediation

Maintains a complete audit trail throughout the loan origination lifecycle

“Our latest release of ComplianceAnalyzer can quickly and definitively answer the questions of the hour: is this loan TRID compliant and how can I prove it?,” said John Vong, president of ComplianceEase. “ComplianceAnalyzer with TRID Monitor can audit all of the new TRID documents—from the Initial Loan Estimate through to Closing and Post-Consummation Closing Disclosures—to ensure compliance and to detect and help correct fee tolerance issues. Our intelligent workflow lets the user see as much or as little as they want: from a summary RiskIndicator score and pass/fail summary to a deep dive on calculations and regulations.”

Jason Roth, senior vice president of Product Management at ComplianceEase noted: “Our deep experience with regulatory examinations, including creation of the Lending Examination File (LEF) standard for e-Exams, gave us unique insight into the kind of audit reports that investors and regulators might expect, and the compliance audits that they will most likely perform. ComplianceAnalyzer’s new TRID Monitor module is designed to meet and exceed the most exacting standards and to give lenders, of all sizes, greater comfort levels.”

About the author
Jun 15, 2015
Cost Of Ransomware Attack: $12 To $17M

loanDepot tells federal regulators that the cybersecurity incident will impact its Q1 earnings.

Post-Closing Challenges For Mortgage Brokers

How to navigate repurchase and clawback demands

Challenges And Solutions To Home Lending In Native American Communities Presented By NCRC

Bankers from around the nation participate in Redlining the Reservation webinar.

How Burnett v. NAR Will Impact The Mortgage Industry

Decision could make process harder for first-time buyers

First National Bank of Pennsylvania Settles Redlining Charges For $13.5 Million

Justice Department accuses major mortgage lender of discriminating against Black and Latino homebuyers in North Carolina.