This article is part of HW PartnerDirect™. What is this?

TRID is the four-letter word that’s on the tip of everyone’s tongue. Despite the enforcement delay to Oct. 3, the entire mortgage industry continues to panic about how they’re going to meet the deadline. It’s as if nothing exists beyond that date.

Of course, that isn’t reality. There’s going to be life after TRID, and the savvy lenders will be those that look beyond Oct. 3 and address the long-standing inefficiencies in mortgage production that TRID is bringing to light.

For the bulk of its existence, the mortgage industry has relied on paper-based, manual processes to complete loan production. Within the last few decades, the industry has managed to automate pieces of the process, but mortgage transactions, by and large, are still a pen-and-paper affair.

This has to change.

If the mortgage industry is serious about addressing the longer closing times created by TRID, not to mention attracting millennials as potential homebuyers and/or employees, it has got to get with the times. And the times? They are digital.

What’s at the crux of TRID, and of the larger “Know Before You Owe” initiative by the Consumer Financial Protection Bureau, is a desire to improve the borrower experience. The CFPB has recognized the role technology can play in making the home-buying experience easier and more transparent for the consumer through its eClosing pilot program, in which Pavaso has taken part.

Now, it’s time for the industry at large to take heed.

Millennials as a whole are characterized by the prevalence of technology in their formative years and the ease with which they utilize technology in their everyday lives. The sheer marketing value of providing a completely digital mortgage process that is the antithesis of how their parents bought a home cannot be overstated.

From a back-end perspective, imagine the ability to standardize the closing process, ensuring as consistent of an experience as possible for the consumer EVERY time. Envision a mortgage process where the borrower is kept informed in real time of every step from application to closing. These reflect just some of the potential for mortgage process improvement inherent in a digital closing platform.

Furthermore, one of the lingering effects of TRID is going to be increased friction between mortgage lenders and realtors due to those longer closing times. A digital closing platform enables lenders to bring realtors into the loop and provide them with the potential for repeat business, thereby engendering goodwill and alleviating possible tension… and the use of other choice four-letter words.

For more information on how a digital platform can address inefficiencies beyond TRID, visit

All information and views expressed or implied are provided without warranty and are only opinion. Each participant should seek legal representation for legal interpretation of the ruling and the CFPB directly for final instruction and interpretation. The final rule can be found here.