Since being implemented on October 3rd, the TILA-RESPA integrated disclosure (TRID) has caused realtors, lenders, and title agencies a considerable headache and anxiety. Despite the fact that TRID was designed to simplify the closing process, it’s proven anything but simple for those in the title industry. Luckily, TitleClose offers an immediate, accurate online solution that allows closing agents to calculate fees side-by-side TRID and deliver them to lenders within the new deadlines.
TRID gives consumers three days to review the Closing Disclosure form before closing on a loan. There’s increased pressure on lenders to provide accurate fee amounts to borrowers, as well as increased pressure on title agents to provide accurate fee amounts quickly. As vendors nationwide are struggling to match their software packages to loan origination systems, one credit union was forced to use a typewriter to manually input information into the new TRID forms. Another credit union reported that it’s spending around $60 more per loan because of backups caused by TRID. Luckily, TitleClose has a solution that’s fast and doesn’t require your typewriter.
Working without an automated system could result in timely delays, a loss of client confidence, or even legal repercussions. Don’t put your business at risk! TitleClose provides title agents with an immediate and accurate online solution to fee structures. We streamline the closing process and keep clients fully compliant with CFPB and TRID regulations. As you’ll see, the dangers of non-compliance are very real. Keep reading to find out more.
Dangers of Non-Compliance
ALTA has led the charge to create a hold-harmless period for real estate professionals trying to remain compliant with TRID, though the bill has yet to pass the Senate. Even if it does, the White House spokesperson indicated that it could face a presidential veto. The bottom line is that the dangers of noncompliance are very real. Title agents must recognize the reality lenders are facing and do everything in their power to deliver timely and accurate fees.
Work with TitleClose
Unlike anyone else in the industry, TitleClose provides closing agents with accurate fees and TRID calculations. We increase accuracy, efficiency, and productivity while reducing our clients’ legal risk. We also help keep on-the-go agents ahead of the game with our calculator and educate consumers. Whether you’re a title agent, lender, or realtor, the fewer surprises your customer has, the better. Visit our homepage to see how TitleClose can maximize your business. For more information on the real estate industry, keep an eye out for more blogs and newsletters from TitleClose.