MortgageFlex Systems Inc., a Jacksonville, Fla.-based provider of enterprise-level loan origination technology, recently released a new version of the LoanQuest loan origination system (LOS) that complies with TILA-RESPA Integrated Disclosure (TRID) rules.
While developing new loan estimate and closing disclosure forms, MortgageFlex chose to maintain pre-TRID functions to preserve all of its customers' existing system functionalities.
The LOS vendor says it opted not to force the new requirements into the existing data structures or interface components becauseÂ they would not fit cleanly into the existing methodology.
‘Being and staying compliant with regulators, investors and agency requirements is our primary responsibility as an LOS provider,’ says Craig Bechtle, chief operating officer of MortgageFlex Systems. ‘MortgageFlex TRID components have been in release since May, and our customers were kept informed every step of the way via webinars, conference calls and software demonstrations so they were aware of what we were doing and were well prepared to receive the updates.’
The company developed conversion tools so customers could convert their existing fees and setup parameters to the new formats prescribed by the regulation – allowing an easy transition from the existing fee structure to the new loan estimate and closing disclosure.
Bechtle says, ‘We created 43 new screens, modified numerous existing screens and third-party integrations, and added 80+ new calculations. We added 22 new tables and 466 new columns, in addition to the eight modified tables with 18 new columns. While it was an immense effort, it was worth it to have TRID-specific functions that are clear, intuitive and easily trainable.’