TRID has changed the operational landscape dramatically for both lenders and settlement agents. In today’s post-TRID environment, collaboration is crucial for meeting the new requirements. This represents a dramatic change in how the lender and settlement agent have interacted in the past. As a result, many continue to rely on pre-TRID means of communication, rather than true electronic collaboration, to execute the Loan Estimate and Closing Disclosure. This creates an inefficient, inconsistent process that, in some aspects, may actually violate TRID requirements and expose all parties — the consumer included — to inordinate risk.

To overcome the challenges created by TRID, lenders and settlement agents need to rethink their methods of communication and adopt a more streamlined, consistent method that enables real-time electronic collaboration and supports compliance.

Publisher: Simplifile
Date: September 2016