NMP - October 2016 - 92

The Only Clear Path tarting in October 2016, the Consumer Financial Protection Bureau (CFPB) will begin taking enforcement actions against lenders who violate its TILA/RESPA Integrated Disclosure (TRID) rules. Designed to provide more clarity to consumers, who have traditionally been underwhelmed with the process of closing a mortgage loan, the new rule changed everything for our industry. It's taken most of the last year for lenders to realize how much has changed. Some have even been forced out of the business due to compliance violations. Under TRID, lenders are required to disclose accurate costs within days of the borrower's completion of the loan application process (as defined by the CFPB). Then when the loan underwriting process is complete, lenders are tasked with disclosing again at least three days before the loan is closed. The numbers on the first disclosure, the Loan Estimate (LE), and the latter, the Closing Disclosure (CD), have to line up very well. And that's where one of the most serious problems our industry faces, with S TRID, becomes evident. What lenders really need is the ability to create "plug and play" title networks based on their own preferences that are capable of delivering guaranteed accurate fees in time for the LE that do not change when the CD is issued. Fortunately, technology currently exists to make this possible. We wrote about it in a new White Paper that is available now on our Web site, Marketing.ErnstInfo.com. Like most modern compliance challenges, the solution is better technology. The best technology is developed by industry insiders with a long history of building workable solutions that have stood the test of time. While nothing stays the same, success follows those who continue to do those things that work. In this short article, we'll tell you about the technology that currently provides the only clear path to TRID compliance. Connecting settlement agents and the lenders they serve After nearly 30 years in the industry and a successful track record of building technology that currently connects lenders, responsible for 90 percent of the country's loan volume, to the nation's largest title underwriters and thousands of settlement agents across the country, Ernst attacked the problem of TRID compliance nearly a year before the rule went into effect. Now, after a year of use in the industry, the solution is ready to protect the industry from CFPB's upcoming enforcement audits. Ernst's answer to this problem is the Settlement Agent Gateway, a collaborative fee management technology that allows settlement agents to work with lenders to negotiate fees and then manage these fees in a Web-based tool. Using this tool they certify the accuracy of their fees and then make them available to lenders who need to provide Loan Estimates under the new requirements. This ensures full TRID compliance, protects the lenders from having to re-disclose later for quoting the wrong fees and protects smaller settlement agent firms from being pushed out of the market due to noncompliance concerns. The tool allows lenders to create their own proprietary network of approved settlement agents. Lenders can easily approve and migrate all settlement service fees and providers into a software solution that integrates with their LOS, closing portal and internal programs. Lenders control all naming conventions for their required settlement service fees so there is never confusion. Simultaneously, settlement agents can easily load their service fees, importing spreadsheets if needed, certify their accuracy and become immediately networked into the lender's system. The technology is simple to use and uses MISMO data standards to allow the settlement agent to enter pre-negotiated fees online, including values for the required services by geography, fee type multipliers and more. They then certify that the fees are accurate with a single click. Once on board, settlement agents can change and re-certify their fees at any time based on their lender agreements. Lenders are instantly notified of fee changes and have immediate access to the new rates and integrate the changes as they apply to new loan quotes. With a Lender's approval the settlement agent fees will seamlessly be integrated into that lender's http://Marketing.ErnstInfo.com

Table of Contents for the Digital Edition of NMP - October 2016

Table of Contents
NMP - October 2016 - Cover1
NMP - October 2016 - Cover2
NMP - October 2016 - 1
NMP - October 2016 - Table of Contents
NMP - October 2016 - 3
NMP - October 2016 - 4
NMP - October 2016 - 5
NMP - October 2016 - 6
NMP - October 2016 - 7
NMP - October 2016 - 8
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NMP - October 2016 - Cover3
NMP - October 2016 - Cover4
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