New American Funding Triumphs with TRID
With recent compliance rules put in place by the CFPB (Consumer Financial Protection Bureau), mortgage lenders across the industry were faced with a host of changes to deal with in the new world of TRID. Changes in documentation, software integration, and new disclosure wait periods topped the list of many lenders' stressors approaching the recent October 3rd enforcement.
Leading the industry by example, New American Funding closed 1,458 TRID loans in the first full month under the new rules—with no interruptions.
The technical functionality of the TRID environment was a focal point for our Operations team, as was the hammering out of every detail for custom deployment by our Encompass team. Integrating new origination documents with LOS was paramount and demanded many man-hours to streamline.
While the behind the scenes details were critical to achieving TRID compliance, the concerted effort by our Operations and Compliance leads to providing in-depth employee training on the new mechanics of mortgage was also a major feat.
The role of our Loan Officers and Processors setting proper expectations and providing informative direction to borrowers, specifically communicating the importance of e-consent, proved crucial to bringing things together. Having our borrowers e-consent drastically speeds up the processing of TRID loans by shortening the required delivery times, and gets the new three-day waiting period started. Helping our borrowers create and access their loan packages electronically helped simplify closing TRID loans and made things easy and convenient for our clients.
This time of transition brought some challenges. New American Funding is proud to be fully TRID compliant and leading the industry in helping borrowers know before they owe.