Skip to main content

Mortgage Builder Launches TRID-Compliant LOS

NationalMortgageProfessional.com
Jun 25, 2015

Mortgage Builder has announced that the Architect loan origination software product has been updated to assist clients with compliance with the impending TILA-RESPA Integrated Disclosure (TRID) requirements for loan originations, processing and closing. Architect 5.0 addresses compliance with TRID.

“TRID compliance is a subject of great concern for our customers, and while achieving compliance can be complicated and challenging, it is absolutely achievable,” said Lawrence Alston, general manager at Mortgage Builder. “We’ve devoted substantial time and resources to studying the rules and updating our software, and we’re now working closely with mortgage bankers to help them prepare for the October deadline through a combination of technology and education.”

The Mortgage Builder software simplifies TRID compliance by automating key processes such as:

Tolerance tracking: TILA-RESPA defines three tolerance charge categories that limit the increase of certain fees from the amount disclosed on the Loan Estimate to the amount actually charged on the Closing Disclosure. The new release helps to prevent errors by automatically recognizing which category fees belong to, by calculating the applicable tolerances as fees are changed by the user and by warning users when thresholds are exceeded.

Timing requirement management: The system simplifies event tracking by automatically calculating the earliest dates that creditors can collect fees, the due dates for disclosures and permissible closing dates. This makes it much easier to communicate expectations to consumers, real estate partners, brokers and closing agents.

Closing disclosure processes: The software automatically transfers the fees entered on the loan estimate screen to the closing disclosure, thereby reducing data entry time and the potential for data input errors. The system will automatically determine if a new three-day waiting period is required for changes prior to closing and identifies when disclosures are required based on numeric or non-numeric clerical issues.

More from
Tech
Fraud Detection Transitions To Digital Lending

Mortgage lenders faced $20 billion in mortgage lending fraud exposure last year, according to research from Point Predictive.

Tech
Jun 16, 2021
Radian Expands Integration With Mortgage Cadence

Radian Group Inc. expanded its integration with Mortgage Cadence to include Radian's title and settlement services with the Mortgage Cadence Platform.

Tech
Jun 16, 2021
Zillow Launches Zestimate With Neural Enhancements

Zillow launched major updates to its Zestimate home valuation model, including an updated algorithm.

Tech
Jun 15, 2021
MISMO Releases eMortgage Technology Certification Program

MISMO announced the release of an eMortgage Technology Certification program to assist lenders in finding products that comply with industry standards.

Tech
Jun 15, 2021
Maxwell Introduces MaxDiligence, Due Diligence And QC Service For Lenders

Digital mortgage platform Maxwell, released its latest tech-powered innovation, MaxDiligence to provide due diligence and quality control services for lenders.

Tech
Jun 15, 2021
The New URLA – What’s the Big Deal?

Lenders will need to update their technology stack to comply with the redesigned URLA.

Regulation and Compliance
Jun 14, 2021