ELynx Updates Its Document And Data Exchange Solution For TRID

Posted by Patrick Barnard on July 15, 2015 No Comments
Categories : Residential Mortgage

ELynx, which makes software for the secure exchange of mortgage documents and data, has added new features and capabilities to its Expedite compliance and collaboration platform. According to the company, this new solution will help lenders and settlement services providers refine their workflows ahead of the Oct. 3 implementation date for the Consumer Financial Protection Bureau's (CFPB) new TILA-RESPA Integrated Disclosure (TRID) rules.

Not only does the updated solution support full document generation of the new loan estimate and closing disclosure forms, but it also facilitates bi-directional integration with third-party fee providers and title production systems and automates the collection of fee information from different sources.

It also provides data extraction capabilities that eliminate the need for manual data entry, even when direct integration between lenders and settlement agents is not possible.

The new version also sports fee determination features that allow lenders to compare the fees side-by-side, select the appropriate fees to include in the closing disclosure, and document the different fees and actions in a fee reconciliation report.

Other new features include real-time alerts when there are potential compliance issues; a comprehensive, fully integrated audit trail that documents TRID compliance; two-step authentication; and other security enhancements.

‘Our customers have had access to the new TRID-related features in a test environment for several weeks so they could prepare for the August implementation date,’ reports Sharon Matthews, president and CEO of eLynx, in a release. ‘Now with the anticipated two-month delay by the CFPB, lenders may have extra time to perfect their processes and make sure their staff and partners are ready.’

The new TRID rules are scheduled to go into effect in August; however, the CFPB is considering delaying the implementation date until October. eLynx has asked the CFPB to permit lenders to use both the current and proposed forms starting next month – if there is a delay – to allow the industry to ramp up for the deadline.Â

‘Lenders who have worked hard to be ready by the original deadline shouldn't have to derail their implementation plans if the CFPB decides to delay the implementation date,’ Matthews says. ‘Lenders who are behind schedule or who don't have confidence in their initial plans for TRID can use the extra time to test and, if necessary, shore up their TRID plans. Either way, the ultimate beneficiaries are the borrowers, which is the whole point of the CFPB's Know Before You Owe initiative.’

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