ACES Risk Management, a web-based financial services quality control software provider, announced the release of TRIDCompare, a data comparison tool specifically designed for the new TILA-RESPA Integrated Disclosure forms.
According to a release from ACES Risk Management, also called ARMCO, TRIDCompare enables lenders to more efficiently compare the Loan Estimate and Closing Disclosure forms with the data contained in the loan origination system to identify and resolve discrepancies before loans reach closing.
According to ARMCO, TRIDCompare utilizes a highly advanced optical character recognition technology, and has achieved a 95% data extraction confidence level.
“Executing defect-free initial and closing disclosures is more important than ever, thanks to TRID,” said Phil McCall, chief operating officer for ARMCO. “TRIDCompare enables lenders to feel confident that the documents they are bringing to the closing table are fully TRID compliant.”
TRIDCompare is part of ARMCO’s Automated Data Compare solution suite, a larger offering of data compare and document indexing tools. ADC enables the identification and organization of the multiple loan documents contained within a loan file and the automatic extraction of key data fields from loan documents.
“According to our benchmarking analytics, more than 31% of all gross loan defects are attributed to missing documents, which is a relatively easy defect to cure,” said Avi Naider, chairman and CEO for ARMCO.
“ARMCO’s ADC solution minimizes missing document defects before the audit even starts,” Naider said. “Moreover, through accurate extraction of key data fields, ADC eliminates costly and time-consuming ‘stare-and-compare’ processes currently used to address data defects. Ensuring consistency between data in loan documents and final LOS data is now a reality with the ACES ADC.”