ComplianceEase Launches New TRID Compliance Solution

Posted by Patrick Barnard on March 29, 2016 No Comments
Categories : Residential Mortgage

Mortgage compliance solutions provider ComplianceEase has launched ClosingXchange, a new application that enables lenders and settlement agents to maintain communications and exchange data securely and seamlessly during the closing process.

The application is designed to help mortgage lenders comply with the Consumer Financial Protection Bureau’s (CFPB) new TILA-RESPA Integrated Disclosure (TRID) rules, which require increased communication between all parties involved in the mortgage closing.

The solution reduces risks by flagging fee changes throughout the lifecycle of a transaction and analyzing the impact of those adjustments based on changed circumstances. It can identify fee tolerance variances with valid changed circumstances before loans close, ComplianceEase says in a release.

ClosingXchange works with ComplianceAnalyzer, the company’s online compliance management platform for real-time, integrated, loan-level auditing, including pre-close and post-consummation reviews.

ClosingXchange can use Uniform Closing Dataset XML data files and PDF documents to perform real-time analysis to reduce cycle time, thus eliminating manual “stare and compare” change detection.

It also reduces manual data entry with integrated data delivery and leverages existing settlement agent production software for producing closing statements and data, so there is no need for a separate document generation portal. It further streamlines the process by automating post-closing, final document delivery and document tracking, the company claims.

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