TRID violations

TRID Violations: The Iceberg Effect

Just because something is normal, doesn’t make it right. A recent article from the NAR stated that since TRID’s implementation, those who identified errors rose from 43.3% up to 50.6%. This high number makes TRID errors more of a “normal” occurrence, and therefore a problem that too many mortgage professionals are more or less ignoring.

But some industry observers think a wake-up call is bound to happen. They understand that small problems are almost always symptoms of a bigger problem, hiding under the surface.

What Do Your TRID Violations Represent?

TRID violations

To truly see how to solve the problem of TRID violations, mortgage industry professionals have to understand why they happen in the first place.

Don’t just think, “Oh, we just had a few little problems transitioning to the new rule.” Go beyond that.

Why did you have trouble transitioning? What exactly were the obstacles your mortgage business encountered? The answers to these questions speak to the bigger problem at hand, especially if many of them are in the same problem category.

Every company is vulnerable to large-scale troubles, but identifying them is easy. Look at the little issues that crop up, and watch for a theme.

TRID error theme

 

If you know you have trouble communicating with title agents to produce a timely Closing Disclosure, that might be a theme. Miscommunication might be your iceberg, floating just under the surface. Or, perhaps, your company has had trouble with managing vendors.

If your TRID violations are in the same category as your company’s “large-scale” trouble area, then, Captain, there may be an iceberg ahead. It most likely means your company will continue having problems with TRID, even after the acclimation period is supposedly over.

And that will be problematic, because the CFPB, bond rating agencies and loan investors will not be lenient forever.

Enforcement fees, audits, discounted loans; indemnification and buybacks could be in your future.

Are Mortgage Icebergs Ahead For Your Company?

TRID Iceberg ahead

If you spot a TRID iceberg ahead, you need to turn your company around before it’s too late. ATS Secured can help you identify problem areas in your company that could shred your bottom line.

If you spot a TRID iceberg ahead, you need to turn your company around before it’s too late. ATS Secured can help you identify problem areas in your company that could shred your bottom line.

System Collaboration Problems?

ATS Secured has you covered. We aren’t an LOS or title production software—we are an agnostic overlay to those systems. With our network and integration partners, we support the vast majority of LOS and TPS software out there. That means we connect lenders and title agents, creating easier, more accurate data sharing and communication.

We also verify and vet those in our network, providing an unprecedented level of safety in your mortgage transactions. So when you talk to your partners, you know you are talking to someone you can trust.

And we go even further, tracking and verifying that all funds are distributed correctly—protecting your business partnerships and the money around them.

Mortgage Data Accuracy Problems?

Because we integrate into LOSes and title production software, one unified, transparent loan file is created for every mortgage—with a high accuracy rate. Say goodbye to common, technical TRID errors. We compare the data from TPS, LOS and multiple end points, forcing consensus around discrepancies with our consensus ledger.

Loan Delay Problems?

If you’re having trouble with delayed loans, we can help. The one, transparent loan file we put together across mortgage company systems facilitates a streamlined process, where the appropriate individuals are automatically notified as to where the loan is in the process, and what needs to happen to move it along.

Mortgage Regulatory Compliance Problems?

If you’re fearing a regulator audit, on-site visit or other kind of compliance report, ATS Secured can help. Our platform tracks all communications and actions taken, making it easy to generate customized compliance reports for your company.

Vendor Management Problems?

If you’re having trouble managing your vendors or showing that they are compliant, we can help you there, too. Everyone on our system has a verified identity, and can undergo any level of vetting you desire. You can create customized reports and risk tiers to categorize your vendors’ risk levels, and schedule alerts when they need to upload new credentials. We have everything you need to ensure your vendors are up to date on best practices and compliance.

Data Security Problems?

Our platform is protected behind state-of-the-art firewalls, and all messages are protected with military-grade encryption. That means our data is encrypted 100% of the time, not just in transit.

Contact us today to learn more.