It took just 50 days for a national mortgage lender and its technology partners to implement a new loan origination system (LOS) that is fully compliant with new integrated disclosure rules mandated by the Consumer Financial Protection Bureau (CFPB).The lender beat its own ambitious timetable for implementing a fully compliant new LOS.
Complicated new disclosure rules govern what information borrowers receive under the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure rule (TRID). The new disclosure regimen put into place last fall has shaken up some origination shops in their attempts to comply.
On May 11, Austin, Texas-based Open Mortgage announced that working with LendingQB and International Document Services (IDS), the lender had exceeded its own projections by implementing a TRID-compliant LOS in 50 days.
"We knew that our implementation timeline was aggressive, wanting to both implement a new LOS and prepare for TRID within 60 days," said James Howard, chief technology officer of Open Mortgage. Howard noted that the lender's "first production loan was entered into the new system just 50 days after our implementation kick-off meeting."
Critical to the success was close and early cooperation with the LOS team. "We were working with Open Mortgage on TRID issues before the contract was even signed," commented Binh Dang, president of LendingQB.
Mark Mackey, vice president at IDS, said, "Ensuring partner compatibility with the TRID-related changes we made to idsDoc was a...