Skip to main content

ARMCO Launches TRID Mortgage Data Compare Tool

NationalMortgageProfessional.com
Sep 02, 2015
ARMCO Logo

Quality control software provider ACES Risk Management (ARMCO) has announced the release of TRIDCompare, a data compare tool designed specifically for the new TILA-RESPA Integrated Disclosure (TRID). TRIDCompare is a component of the Automated Data Compare (ADC) solution suite within the ACES Web Audit Technology platform.

TRIDCompare enables lenders to more efficiently compare the Loan Estimate (LE) and Closing Disclosure (CD) forms with the data contained in the loan origination system (LOS) to identify and resolve discrepancies before loans reach closing. Utilizing highly advanced optical character recognition (OCR) technology, ARMCO has achieved a 95 percent data extraction confidence level.

“Executing defect-free initial and closing disclosures is more important than ever, thanks to TRID,” said Phil McCall, COO for ARMCO. “TRIDCompare enables lenders to feel confident that the documents they are bringing to the closing table are fully TRID compliant.”

TRIDCompare is part of ADC, a larger suite of data compare and document indexing tools within ACES Web. ADC enables the identification and organization of the multiple loan documents contained within a loan file and the automatic extraction of key data fields from loan documents. The organized, easy-to-navigate online filing system allows quality control staff to automatically identify the absence or presence of user-defined critical documents and generate a list of missing documents before the file is even audited. Missing documents are automatically routed to the correct area of responsibility (AOR), thereby increasing quality assurance efficiencies.

“According to our benchmarking analytics, more than 31 percent of all gross loan defects are attributed to missing documents, which is a relatively easy defect to cure,” said Avi Naider, chairman and CEO for ARMCO. “ARMCO’s ADC solution minimizes missing document defects before the audit even starts. Moreover, through accurate extraction of key data fields, ADC eliminates costly and time-consuming ‘stare-and-compare’ processes currently used to address data defects. Ensuring consistency between data in loan documents and final LOS data is now a reality with the ACES ADC.”

Published
Sep 02, 2015
Feds Reviewing Appraisal Standards, Qualifications

Appraisal Subcommittee said requirements are being reviewed to determine whether they ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and in the training and credentialing of appraisers.

Regulation and Compliance
Oct 20, 2021
​​​​​​​FHFA OK's Desktop Appraisals, Expands Refi Criteria

The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities. 

Regulation and Compliance
Oct 19, 2021
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021
Waterstone Mortgage Names VP Of Compliance

Waterstone Mortgage Corporation named Kris Barros as the company's vice president of compliance.

Community
Oct 08, 2021