Skip to main content

MortgageFlex Announces TRID-Compliant LOS

Jun 30, 2015
MortgageFlex

MortgageFlex Systems has announced the release of a new TRID supportive version of its LoanQuest loan origination system (LOS). MortgageFlex offers solutions that meet customer’s needs now and post-TRID. Solutions that include integrations with the right partners, continuing version support, adequate training, information exchanges with industry experts, and last but certainly not least, input about what the customer wants in the system.

“Being and staying compliant with regulators, investors, and agency requirements is our primary responsibility as a loan origination system (LOS) provider.  The TRID changes prescribed by the CFPB represent some of the most far-reaching changes we have ever seen in this industry,” said Craig Bechtle, chief operating officer, MortgageFlex Systems. “MortgageFlex TRID components have been in release since May and our customers were kept informed every step of the way via webinars, conference calls, and software demonstrations so they were aware of what we were doing and were well prepared to receive the updates.”

MortgageFlex chose to maintain pre-TRID functions to preserve all of their customer’s existing system functionality while developing new Loan Estimate and Closing Disclosure forms. The LOS vendor decided that while the established method for preparing consumer disclosures resembled the new design, the data, and the new process did not fit cleanly in the existing methodology. They opted not to force the new requirements into the existing data structures or interface components.

“We created 43 new screens, modified numerous existing screens and third-party integrations, and added 80-plus new calculations,” Bechtle said. “The real impact occurred in the database. We added 22 new tables and 466 new columns, in addition to the eight modified tables with 18 new columns. While it was an immense effort, it was worth it to have TRID specific functions that are clear, intuitive, and easily trainable.”

Conversion tools were developed to allow customers to convert their existing fees and setup parameters to the new formats prescribed by the regulation so they could easily translate from the existing fee structure to the new Loan Estimate and Closing Disclosure. 

Any change of this magnitude requires a tremendous amount of vendor support. Most lenders build their own integrations to internal systems and need vendor assistance to adapt to database changes. Vendor documentation and technology support sessions designed to help the customer’s developers understand a new database design are a requirement. A close vendor-lender relationship gives the customer one-on-one support that can jump-start their development efforts.

About the author
Published
Jun 30, 2015
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.

FHA Announces New Rule Easing Branch Office Registration

Effective March 4, the Federal Housing Administration's updated regulation promotes broader participation in FHA programs, benefiting smaller loan originators and credit unions.

Patriot Bank Settles With DOJ Over Alleged Redlining In Memphis

Tennessee-based lender agrees to $1.9 million settlement amid allegations of discriminatory lending practices in minority neighborhoods.

Appraisal Showdown In The Lone Star State

Clash of perspectives on appraisal bias sparks debate

California Mortgage Lender Faces Cease And Desist Order In Connecticut Over Unlicensed Originators

Connecticut banking commissioner alleges violations of Truth in Lending and Fair Credit Reporting Act.