Consumer Financial Protection Bureau
Checklist to be Ready for TRID Implementation
|May 28, 2015
With implementation of the Consumer Financial Protection Bureau’s integrated mortgage disclosures is just a few months away, title professionals should be preparing their operations now for the change. Here's a checklist of 10 items title professionals should consider in order to be ready for the August 2015 implementation deadline.
- How will I collaborate with lenders in producing the Closing Disclosure form?
- Manual rekey
- Shared portal
- Integrated interface with lender system
- Which documents in your system today feed or pull from HUD-1 line numbers that will no longer exist on the Closing Disclosure form? Will these documents need to be updated in addition to the Closing Disclosure form?
- Will your agency offer a three-day delivery directly to the consumer?
- Email delivery
- Web portal delivery
- Pre-Closing Presentation (electronic or in person)
- How will you monitor and meet new scheduling requirements?
- Manual/Paper scheduler
- Electronic scheduler
- Workflow dashboard
- Monitoring at individual task level
- How will the Closing Disclosure form in the software aid in training my staff?
- Will the form appear directly on the screen as they work?
- Do we need to begin to memorize the new sections and lines today?
- What is my software provider’s anticipated release date for the Closing Disclosure form?
- What training will they provide? At what cost?
- If I am going to reevaluate my software provider, what other functionality do I want to employ?
- Long standing wish list items
- Opportunities for additional functionality
- Brush-up training for newer staff
- Revisit of business practices, work-flow standards and existing workarounds (current nuisances)
- How much is the upgrade for RESPA-TILA going to cost?
- What hardware/infrastructure investments need to be made or can be retired? Could a cloud solution be right for me?