On June 24, Southfield, Michigan based Mortgage Builder Software announced that its loan origination system (LOS) product (Architect[R] 5.0) has been completely updated for compliance with the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure rule (TRID). The company said it was offering the updated LOS to lenders for testing ahead of the expected Oct. 3 effective date of the TRID rule.
Lawrence Alston, general manager at Mortgage Builder, said, "We've devoted substantial time and resources to studying the rules and updating our software, and we're now working closely with mortgage bankers to help them prepare for the October deadline through a combination of technology and education."
Mortgage Builder has been preparing for implementation of the TRID rule for some time, and formed a work group in August 2012 to get the process rolling. In June 2014, it put forth an implementation plan that included actual checklists of things that needed to get done.
In a July 10 interview with Melissa Kozicki, director of compliance at Mortgage Builder, she said that Mortgage Builder from the start was gearing up to be ready by Aug. 1--the initial effective date for the rule.
She said that about two months ago, in early May, perhaps only about 25 percent to 30 percent of lenders were ready to comply with TRID. But she said that as of early July, they were kicking it into overdrive.
Mortgage Builder in the last two months has offered about 170 hours of free training on its software. And the company has offered live testing with compliance support and technology staff on the phone to help lenders.
Kozicki said that smaller lending institutions seem to be struggling more with TRID compliance and preparation for the new disclosures. She said some are finding...