Articles Tagged with ''TRID''

CFPB Director Cordray corrects “serious misunderstanding” about TRID

Plus, 3 circumstances that would allow for closing delays
The Aug. 1, 2015 implementation date for the TILA-RESPA Integrated Disclosure still stands, as of now. In a speech Tuesday, the director of the CFPB cleared some of the air on TRID misunderstandings, but looking at the fine print, talk of delaying TRID is not off the table. Still, some in Congress disagree, and are trying to do something about it.
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Mortgage technology will be ready to address TRID

Won’t magically make challenges and cost of compliance disappear
Maybe it’s the proximity to Disney’s Magic Kingdom, but at the Mortgage Bankers Association tech conference in Orlando this week I couldn’t help remembering futurist Arthur C. Clark’s third law of technology that says, ‘‘Any sufficiently advanced technology is indistinguishable from magic.” But can technology magically solve the industry’s compliance challenges?
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The next problem facing housing: Cyber security

Look beyond TRID to the next major technology expense
Officially the Mortgage Bankers Association is calling this year’s National Technology Conference “Connect”. Unofficially it could probably be renamed “Let’s Talk About TRID.” However, there is another topic that is looming in the background that is gaining precedence: cyber security.
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CFPB: No concrete plans to extend TRID

Aug. 1 still the implementation date
Industry talk quickly spread after a speech on Wednesday by Steven Antonakes, deputy director of the Consumer Financial Protection Bureau, where he seemed to suggest that the CFPB might delay the Integrated Disclosure deadline. The CFPB is putting an end to the rumors.
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From HW Magazine

Company Spotlight: ComplianceEase

John Vong explains why "the devil is in the details"
When lenders have to justify and document every decision, it really raises the bar for compliance. Those that are still trying to handle compliance manually or by using multiple, disparate systems as a work-around are going to find it difficult to meet new requirements. The CFPB’s new TILA-RESPA Integrated Disclosure (TRID) rule will only exacerbate this situation, according to Vong.
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