Skip to main content

ARMCO Updates Its TRIDCompare Tool

NationalMortgageProfessional.com
Aug 23, 2016
ACES Risk Management (ARMCO) has announced that it has added to and enhanced business user-friendly configuration functionality to its ACES Audit Technology solution

Web-based financial services quality control (QC) software provider ACES Risk Management (ARMCO) has announced it has made improvements to its TRIDCompare tool to aid lenders in resolving TRID compliance issues regarding change of circumstance. Using Optical Character Recognition (OCR) technology with a 95 percent or better accuracy rate, the system automatically detects data discrepancies between multiple Loan Estimates (LEs) and Closing Disclosures (CDs), allowing lenders to pinpoint where change of circumstance has occurred to ensure the borrower was properly notified in accordance with the TRID requirements.

“We know the industry continues to struggle with TRID. Post-closing QC results from the ACES Analytics benchmarking system show defects in the Legal/Regulatory/Compliance category have nearly doubled since the implementation of TRID in Q4 2015,” said Phil McCall, COO for ARMCO. “Identifying changes of circumstance and errors for points and fees is a critical TRID QC activity and one that can add significant time to existing pre-funding and post-closing QC audits. Manual re-keying of data or ‘stare-and-compare’ tactics can take an hour or more per file to complete the complex comparisons required to properly QC these disclosures. With TRIDCompare 2.0, this process can be completed in as little as five minutes per file.”

In this latest version of TRIDCompare, ARMCO added more than 200 data fields to the data extraction and validation for the CD, providing auditors with the ability to conduct a more thorough review with a system-driven process. Other additions include building in tolerance levels for data fields to better identify data extraction errors and the use of color coding so that auditors can easily identify fields with errors and validate data within the document.

Disclosures are automatically organized in chronological order by the “Document Issued” date to provide an accurate representation of all changes. This system-driven process allows auditors to easily identify when changes of circumstance should have been provided and all fees associated with these changes. The user can then export TRIDCompare directly to Excel, which will provide a documented audit process that can be provided to senior management, investors, or regulators.

“What makes this latest iteration of TRIDCompare so great is its ability to automate a critical, yet labor-intensive QC function that can be used in a variety of areas and applications,” said Avi Naider, CEO for ARMCO. “On the pre-funding side, auditors can use TRIDCompare to prevent TRID violations and verify the accuracy of the data being presented to the borrower at closing. For post-closing, auditors can easily incorporate this review into their standard percentage audit to verify TRID compliance through closing. Even correspondent investors could leverage TRIDCompare to conduct a pre-purchase TRID compliance checks. The possibilities truly are endless.”

Published
Aug 23, 2016
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021