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.

Published
Jun 25, 2015
More from
Tech
SimpleNexus Unveils Nexus Pay With In-App Payment Capabilities

SimpleNexus announced its upcoming Nexus Pay feature for mortgage loan applicants. The company is planning to do a full unveiling at the Mortgage Bankers Association's Annual Convention and Expo.

Tech
Oct 13, 2021
Redwood Trust Invests In Flock Homes Rental Ownership Platform

Redwood Trust Inc. announced its investment in Flock Homes, a rental ownership platform that converts owners into passive investors.

Tech
Oct 07, 2021
DocMagic Updates eSign Platform With Version 3.0

DocMagic Inc. launched its eSign 3.0 platform featuring enhancements to its remote notary and eClosing capabilities.

Tech
Oct 06, 2021
New CoreLogic Listing Platform Streamlines Navigation In NYC Real Estate Market

New York City has a notoriously hard-to-navigate housing market, but a better property listing platform from CoreLogic can simplify the process for new homebuyers.

Tech
Oct 04, 2021
Knock GO Aims To Make First-Time Homebuyers Cash Buyers

Knock launch of Knock GO (Guaranteed Offer), a cash-backed home loan solution for first-time homebuyers looking to compete in the housing market.

Tech
Oct 04, 2021
DataVerify And Nexsys Technologies Join Forces For Automated HOI For Lenders

New integration between DataVerify and Nexsys Technologies is looking to automate homeowners insurance (HOI) verification for lenders.

Tech
Oct 04, 2021