The TILA-RESPA Integrated Disclosure (TRID) rule is now in effect.
On October 3, 2015, the Consumer Financial Protection Bureau’s (CFPB) mortgage disclosure rule – enacted to make it easier for consumers to shop for mortgages and protect them from costly surprises at their closing by integrating consumer disclosures – went into effect.
TitleTeam, in an effort to remain a trusted service provider to mortgage lenders, has made strategic investments in technology, personnel and training so that we are well equipped and prepared to provide regulatory compliant loan processing, specifically the new TILA-RESPA Integrated Disclosure (TRID) Rule.
What you can expect:
- Across the board updating and testing of our data security policies and procedures. We considered security threats from technical, administrative and physical perspectives.
- Updated our settlement software platforms to support new timing requirements, forms and fee calculators.
- Integrated encryption tools within our email messaging service.
- Secured relationships with all major third party software providers chosen by the lending industry to exchange secure data (Black Knight, Closing Insight, Simplifile, Closing Corp., FNC Inc.)
New TRID regulations mean new processes and forms for residential mortgage transactions. Keep your transactions smooth and timely by using settlement service providers that are prepared for these changes.