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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.