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LoanLogics has released enhancements to its Compliance Audit interface in support of the new TILA-RESPA (TRID) regulations that take effect Oct. 3, 2015. The Compliance Audit interface is found within LoanLogics’ LoanHD platform. LoanLogics now provides the tools needed to identify, track and trend loan discrepancies and defects related to the use of the new closing disclosures. The result is that clients have the internal communication, training and documentation processes to audit their compliance with the new regulations.
"LoanLogics has completed several TRID enhancements to our Compliance Audit interface to help clients cost effectively evaluate their compliance with TRID and relieve some of their concerns around defects related to these changes,” said Brian K. Fitzpatrick, president and CEO of LoanLogics. “Our technology can help drive a culture of lending where teamwork, timing and tracking are paramount to ensure loan quality and compliance while reducing the manual tasks and associated labor costs.”
Among the Compliance Audit interface enhancements made to comply with TRID are the following:
►Triggers audit worksheets for the new loan disclosures based on the application data found within the loan file.
►Automates data extraction for all key data fields in the new disclosure documents that are contained in a loan file, eliminating the need for costly data input.
►Creates audit worksheets to support all versions of the new Loan Estimate and Closing Disclosure and order them correctly.
►Provides an automated tool to enable the comparison of fee amounts across multiple versions of the disclosures, highlight differences and record the reasons and dates of changes.
►Enables quick access to TRID related documents such as the Provider of Service List, Affiliated List and Change of Circumstance Letter (when applicable).