TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/522162
Th e M Rep o RT | 29 Feature Regulation Compliance—TRID and Beyond T he post-crisis mortgage mar- ket is one in which adhering to regulations must always be front of mind. While the TILA- RESPA Integrated Disclosures (TRID) August 1 deadline is currently on the horizon, TRID isn't the only regulation that tech companies are helping their clients adhere to. "Beyond system readiness for the upcoming TRID changes, there is a growing technology need around general regulatory compliance," said Jeff Moyer, chief product and strategy officer at First American Mortgage Solutions. "The convergence of agendas impact- ing mortgage lenders today are around quality, compliance, fraud, verification, data integ- rity, and alignment to investor guidelines." Tech providers may be exploring opportunities beyond TRID, but they are also focused on supporting the TRID changes. "Technology companies, in as- sociation with their clients, con- tinually familiarize themselves with changes surrounding TRID and regulations in general and make all the necessary updates in good time," said Ron Briggs, SVP of Business Development at Aspen Grove Solutions, a provider of property-related technology solutions for REO, short sale, asset management, property pres- ervation, vendor management, and compliance. "Technology is an enabler of process and com- pliance and must be dynamic in implementation to facilitate change when they happen." In addition to upgrading their product suites to meet TRID requirements, many tech companies, like International Document Services (IDS) for example, have also stepped up in terms of education. "To aid our clients, we are rebuilding two-thirds of our system in order to handle the doc changes of the LE/CD and eliminate the TILA-RESPA, said Mark Mackey, CEO of IDS, a mortgage document preparation vendor for initial disclosures and closing documents. "Furthermore, we've provided webinars to better educate our clients on how their documents will work and how they have to prepare for the large industry paradigm of waiting three days before closing." As seen with the preparations taking place with TRID, partnering with an experienced tech provider can help you keep track of all regulations—and other trends—affecting your business, so nothing falls through the cracks in today's ever- evolving lending environment. Track our progress at www.idsdoc.com/More Rachel WilliaMs is a Texas-based writer and editor with extensive experience in news reporting, feature writing, and marketing. Her areas of focus include mortgage, default servicing, REO, real estate, and home design and remodeling. She currently serves as editor of the MReport and is past Executive Editor of DS News. She specializes in putting a human face on the stories changing the mortgage industry. She is an alumna of Texas Christian University.