ComplianceEase, the nation’s leading provider of automated compliance solutions to the financial services industry, has updated ComplianceAnalyzer with TRID Monitor to comply with the 2017 TILA-RESPA Integrated Disclosure (TRID) Rule.
TRID 2.0, as the new amendments are known, becomes mandatory on Oct.1, 2018. With this update, ComplianceAnalyzer with TRID Monitor, the residential mortgage industry’s leading compliance risk management platform, is the first major compliance solution to be TRID 2.0-ready. It will allow lenders to configure their company profile to adopt the new provisions from TRID 2.0 early, including the thresholds for the Total of Payments (TOP).
Lenders will be able to perform the following tests, which examine the new required thresholds for TOP, in ComplianceAnalyzer:
- TRID Total of Payments Test
- TRID Rescission Total of Payments Test
- TRID Foreclosure Rescission Total of Payments Test
In addition, TRID 2.0 makes “coop” loans subject to TRID and these loans can now be audited using the new update.
The TRID 2.0 update is already available to lenders that use the web browser version of ComplianceAnalyzer. In order to use the TRID 2.0 settings in loan origination systems, providers must update their integrations with ComplianceAnalyzer.
“The industry has had a slow start in getting ready for TRID 2.0, because tech providers have pushed it down in the queue as they prioritized the new Uniform Closing Dataset (UCD) and Home Mortgage Disclosure Act (HMDA) reporting rules, which had hard 2017 year-end deadlines,” ComplianceEase President John Vong said in the release. “Our update to ComplianceAnalyzer not only provides our clients with the flexibility to adopt the new rule early, but also makes us the first compliance risk management platform to be TRID 2.0-ready.”