First American Financial Corp.'s Mortgage Solutions group has updated its PredProtect compliance engine for compliance with the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosures (TRID) rules taking effect on Oct. 3.
In addition, the company has luanched its TRID readiness test site.
‘TRID-readiness is a top priority for our customers, so it's also been a top priority for the PredProtect development team for the last year,’ says Jeff Moyer, chief product and strategy officer for First American Mortgage Solutions, in a release.
The enhancements include updated loan information input fields, updated worksheet and summary of results section, and product type flexibility. The new version also sports new TRID test enhancements including a closing disclosure – re-disclosure analysis; disclosure timing analysis; total interest percentage analysis; and five-year comparison analysis
The new version also includes a loan-level fee override feature that allows users to override undesired fee treatment and immediate fee treatment handling on a case-by-case basis. It also adds a loan-level test controls feature that allows users to turn system tests on or off on a case-by-case basis.
In addition, PredProtect's loan fees screen has been updated to look similar to the new disclosures to enhance the overall user experience.
‘Clearly, TRID fundamentally alters the loan manufacturing timeline and process for mortgage lenders,’ says Kevin Wall, president of First American Mortgage Solutions. ‘Now, lenders that rely on PredProtect can proceed with confidence knowing they have a TRID-ready solution well before the effective date, which gives them plenty of time to perfect their training and processes.’
PredProtect, powered by Interthinx Analytics, can be integrated with a wide variety of loan origination systems, the company claims.