The three speakers on the panel—Richard Horn, former senior counsel to the CFPB; Brent Laliberte, title professional; and Wes Miller, CEO of ATS Secured—all had poignant answers to the following question:
“As a lender, how are we supposed to produce 100% TRID compliant loans?”
Wes Miller’s answer:
“With the amount of detail that has to be double and triple checked, it is a challenge, but it can be done. First, understand that you can’t do it alone, so it requires everybody to work together collaboratively. Lenders also need to understand the importance of working with title companies—what their responsibilities are.
Technology also plays a role and the right technology can really help make things easier. In general, you can automate the ability to detect issues, or you can get people to just stare and compare. However, It’s important that you give the right people the right tools in order to really make their jobs easier, they can automate and compare the nuances of the pieces of data that have to be checked.
So, to produce compliant loans in today’s regulatory environment, it starts with identifying everyone who is involved in the transaction and knowing that they are supposed to be there. Then, getting consensus from those individuals on the proper pieces of information. Finally, making sure that there’s a really good audit trail in place so that when there are questions or the defense has to be made, you are able to go back and prove that you’ve done the things you’re supposed to do.”
Brent Laliberte’s answer:
“I agree with [Wes] 100%. The level of sophistication that it takes to remain a player in the title business nowadays is much greater than what it was. And I think that those that realize that are going to spend a lot of money to get there, but I think it’s going to pay dividends in the long run.”
Richard Horn’s answer:
“Yes, I think that technology and training are critical to originating 100% TRID compliant loans. So, having technology that’s programmed correctly, that can produce accurate disclosures, as well as having training for all sides of the transaction, that lenders and settlement agents understand the regulatory requirements and have training also on the new workloads that are required to produce the disclosures. All that together can be very for producing 100% compliant TRID loans.”
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