Consumer Financial Protection Bureau
Checklist to be Ready for TRID Implementation
|March 5, 2015
With implementation of the Consumer Financial Protection Bureau’s integrated mortgage disclosures less than five months away, title professionals should be preparing their operations now for the change. RamQuest provided the following 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?