Several vendors used the months of June and July to release solutions and updates of their origination technology for lenders to use to implement new consumer disclosures mandated by the Consumer Financial Protection Bureau (CFPB). Still others wanted to get the word out that their updated systems have been out and ready for testing for some months now-- even before the effective date of the rule was pushed back.
The new integrated disclosures are mandated under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). The new TILARESPA Integrated Disclosure rule (TRID) was originally slated to take effect in August, thus prompting several vendors in late June/early July to publicly announce the availability of testing tools and updated versions of software.
CFPB announced it was proposing to delay the effective date for TRID until Oct. 3, but most vendors had their testing platforms and software updates well into production by the time of the announcement of the delayed effective date.
Within weeks of each other, MortgageFlex Systems, Jacksonville, Florida; eLynx, Cincinnati; DocMagic, Torrance, California; and Accenture Mortgage Cadence, Denver, joined a host of other vendors in announcing the availability of their latest TRID compliance tools.
On June 29, MortgageFlex, a provider of enterprise-level loan origination technology, announced in a press release that it had released a new TRID-supportive version in May of its LoanQuest origination system.
Craig Bechtle, chief operating officer of MortgageFlex Systems, said, "MortgageFlex TRID components have been in release since May, and our customers were kept informed every step of the way via webinars, conference calls and software demonstrations so they were aware of what we were doing and were well prepared to receive the updates."
"MortgageFlex chose to maintain pre-TRID functions to preserve all of their customers' existing system functionality while developing new Loan Estimate and Closing Disclosure forms," according to a company press release.
Bechtle added, "We created 43 new screens, modified numerous existing screens and third-party integrations, and added 80-plus new calculations." He added, "The real impact occurred in the database. We added 22 new tables and 466 new columns in addition to the eight modified tables with 18 new columns. While it was an immense effort, it was worth it to have TRID-specific functions that are clear, intuitive and easily...