End-to-end loan origination software (LOS) provider LendingQB has announced that its LOS adheres to version 3.3 of the Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model. As a result, LendingQB's LOS users can be assured of uninterrupted coverage for the latest compliance requirements when the TILA-RESPA Integrated Disclosures (TRID) rule goes into effect on Aug. 1.
Implemented as part of a proactive system design revamp based on TRID-readiness best practices, the company says that it is the first LOS vendor to apply MISMO's version 3.3.
Version 3.3 of the MISMO model establishes a common dataset that serves as a prerequisite for lenders to use the Consumer Financial Protection Bureau's (CFPB) new integrated disclosures and share disclosure information with industry participants. Beginning Aug. 1, the CFPB's integrated disclosures will supersede the current Good Faith Estimate HUD-1 Settlement Statement and Truth in Lending disclosures for the majority of residential mortgage loans.
‘Organizations that wait to test compliance to the CFPB's deadline may encounter costly penalties and workflow delays as a result of being noncompliant. The relaxed approach taken by many LOS software vendors to update their respective systems to implement the new dataset borders on irresponsible,’ says Binh Dang, president of LendingQB. ‘Our readiness for this upcoming watershed event comes as no surprise to LendingQB's dedicated and demanding customers.’