ARMCO Introduces TRID Data Comparison Tool

Posted by Patrick Barnard on September 03, 2015 No Comments
Categories : Residential Mortgage

ACES Risk Management (ARMCO), a provider of quality control solutions to the mortgage industry, has released TRIDCompare, a Web-based tool that will help lenders comply with the Consumer Financial Protection Bureau's new TILA-RESPA Integrated Disclosure (TRID) rules going into effect on Oct. 3.

Part of the Automated Data Compare (ADC) solution suite within the ACES Web Audit Technology platform, TRIDCompare enables lenders to automatically compare the loan estimate and closing disclosure forms with the data contained in the loan origination system (LOS). This way, they can identify and resolve discrepancies before loans reach closing, the company says in a press release.

The solution, which uses advanced optical character recognition (OCR), helps speed the comparison of the data, as the process no longer needs to be done manually via the traditional ‘stare and compare’ technique.

ARMCO claims that its OCR technology is about 95% accurate, so that means lenders can have a good deal of confidence in the solution's ability to flag discrepancies.

‘Executing defect-free initial and closing disclosures is more important than ever, thanks to TRID,’ says Phil McCall, chief operating officer for ARMCO, in the release. ‘TRIDCompare enables lenders to feel confident that the documents they are bringing to the closing table are fully TRID compliant.’

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