Wolters Kluwer Financial Services introduced three new self-service tools to help lenders understand and adjust to the complex changes related to the TILA-RESPA Integrated Disclosure rule.

On June 24, the Consumer Financial Protection Bureau proposed an extension of the TRID effective date, moving it from Aug. 1 to October 3. And on July 21 they made it official.

So, ready or not, TRID is coming. 

“There is going to be a steep learning curve as lenders adjust to using the new Loan Estimate and Closing Disclosure documents, and these tools can remove some of the complexity from the process to help lenders confidently explain the documents to their customers,” said Art Tyszka, senior director and general manager of residential lending at Wolters Kluwer.

“The tools will assist lenders in teaching their employees, from retail and operations to training and compliance, about the variations in the new Loan Estimate and Closing Disclosure documents to support consumer education.”

Here are the 3 new tools:

1. Variations Guide

This contains three core sections for managing variations in the Loan Estimate and Closing Disclosure: 1) An easy-to-use table showing how sections, tables and labels may vary by transaction; 2) A section-by-section analysis explaining how and when each variation occurs and the impact on the labels, fields, tables and columns; and 3) A detailed matrix for lenders to track the variability in all of their products in a single place.

2. Loan Matrix 

This enables lenders to conduct transactional testing and improve quality control to help ensure documents are compliant and contain the correct information. Its visual display of various loan options allows post-closing or audit teams to better understand how different lending scenarios change content fields in the Loan Estimate and Closing Disclosure.

3. Job Aids 

This provides the resources for lenders to educate their staff on the TRID regulatory changes that affect the process of delivering the Loan Estimate and Closing Disclosure documents. It uses plain language and illustrations to explain the regulation, including timing and delivery requirements, so lenders can clearly speak about the new disclosure documents to customers.   

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