Almost three full months ahead of the Aug. 1 deadline, DocMagic has released its TILA-RESPA Integrated Disclosure enhancements for clients and LOS partners.
“After extensive internal testing, re-testing, and BETA testing by a select group of lenders, we perfected the changes required for TRID compliance and are now ready to open the flood gates,” said Dominic Iannitti, president and CEO of DocMagic. “We are confident that our systems are now fully compliant with TRID, and we are excited to have our clients and LOS partners access and get used to the new TRID screens and functionality.”
DocMagic provides a step-by step TRID testing guide and has already started training sessions for its lenders. In addition, the company is offering detailed training videos on the changes and presenting regular webinars on the topic.
The Aug. 1 deadline set by the Consumer Financial Protection Bureau has been challenging for many in the industry. A recent survey by the Capsilon Corp. found that 41% of mortgage lenders are not ready to comply with the new rules by the deadline, and only 12% of those surveyed said their companies were "very prepared" for the new regulation.
"The survey results clearly indicate that many lenders don’t have the right technology in place to handle the requirements of TILA-RESPA, and are scrambling by hiring more labor to help close the gap, which only drives loan production costs higher,” said Sanjeev Malaney, CEO of Capsilon Corporation.
The Mortgage Bankers Association has released a resource guide for lenders, and HousingWire is offering a free webinar on the topic, TILA-RESPA: Important details you may have missed, in our Knowledge Center.