Wolters Kluwer Financial Services recently introduced three new tools to help mortgage lenders get a better handle on the overall compliance requirements and variations in the Consumer Financial Protection Bureau's (CFPB) new TILA-RESPA Integrated Disclosure (TRID) documents, which lenders must start using on Oct. 3.
The company's new Variations Guide, along with the new Loan Matrix and Job Aids tools, will assist lenders in teaching their employees – from retail and operations to training and compliance – about the variations in the new loan estimate and closing disclosure documents, Wolters Kluwer says in a press release.
The new Variations Guide contains three core sections for managing variations in the new disclosures: an easy-to-use table showing how sections, tables and labels may vary by transaction; a section-by-section analysis explaining how and when each variation occurs and the impact it will have on the labels, fields, tables and columns; and a detailed matrix for lenders to track the variability in all of their products in a single place.
Meanwhile, the Loan Matrix tool lets lenders conduct transactional testing and improve quality control to help ensure documents are compliant and contain the correct information. The tool's visual display of various loan options allows post-closing or audit teams to better understand how different lending scenarios change content fields in the new disclosure forms.
Job Aids provides the resources for lenders to educate their staff on the TRID regulatory changes that affect the process of delivering the loan estimate and closing disclosure documents. It uses plain language and illustrations to explain the regulation, including timing and delivery requirements, so lenders can clearly speak about the new disclosure documents to customers, the company says.
‘Compared to the forms lenders use today, the new TRID disclosure documents present a number of variations that will make each transaction unique,’ says Art Tyszka, senior director and general manager of residential lending at Wolters Kluwer. ‘There is going to be a steep learning curve as lenders adjust to using the new loan estimate and closing disclosure documents, and these tools can remove some of the complexity from the process to help lenders confidently explain the documents to their customers.’