Calyx Software reports that it has endowed its Point solution with the features and capabilities necessary to help lenders comply with the Consumer Financial Protection Bureau's (CFPB) new TILA-RESPA Integrated Disclosures (TRID) rules taking effect Aug. 1.
Version 9.2 of the end-to-end origination platform will help mortgage lenders produce and deliver accurate, TRID-compliant loan estimates and closing disclosures, the firm says in a release. The new version fully automates the process and includes enhancements to ensure the generation of accurate and compliant disclosures.
Perhaps one of the biggest advantages of the new system is that it will still support the old forms.
‘We learned recently that some origination software systems are only supporting TRID-compliant loan estimate and closing disclosure forms going forward from Aug. 1,’ explains Doug Chang, president of Calyx, in a release. ‘This means some lenders will have to stop originating loan types that still use the old forms after TRID goes into effect.’
Chang adds that it was ‘quite challenging to continue supporting the current disclosures as well as adding the new disclosures within one system, and we are pleased that we managed it.’
‘We worked hard to maintain a user-friendly solution and limit the changes to a minimum, keeping many of the familiar steps and screens intact,’ he says. ‘With Calyx, lenders now have a TRID-ready solution that's not only simple and flexible, but also automatically calculates, rounds and truncates APR and TIP.’