BeesPath Launches System to Facilitate TRID Collaboration, Compliance

March 12, 2015

BeesPath, a provider of secure communication and collaboration tools for the real estate financial services industry, announced the launch of a new system that uses electronic file delivery and communication tools to help lenders and settlement agents work together on the preparation and delivery of the TILA-RESPA integrated disclosures (TRID).

The ClosingBridge system leverages ComplianceEase’s ComplianceAnalyzer to help lenders perform real-time compliance audits for TRID and other federal and state consumer credit regulations based on lenders’ license type, while maintaining settlement agents as the primary preparers of the Closing Disclosure.

ClosingBridge integrates real-time compliance auditing directly into the information exchange so that a lender knows if a loan is meeting its requirements. The tool also provides critical compliance evidence with delivery tracking on messages and files, including the electronic delivery of the borrower’s disclosure documents.

The new system serves as a bridge between disparate systems, enabling lenders working on their existing loan origination systems to connect quickly and easily with settlement agents using their own production systems. It provides a single integration point for lender and settlement system vendors to connect their systems for exchanging data, documents, and messages without building numerous custom system-to-system integrations.

In addition, ClosingBridge features tools for streamlining the collaboration process, including secure file transfer, protected messaging and secure real-time chat. ClosingBridge also provides the capability for users to analyze different versions of a PDF document and highlight changes between them. All documents, data and communication exchanged between settlement agents, lenders and consumers can go through ClosingBridge, eliminating email, fax, and other non-secure document delivery methods to better protect non-public personal information.

“The TRID rules are causing a major shift in the process workflows between lenders and their settlement agents,” said Todd Hougaard, president of BeesPath. “Most lenders don’t necessarily want to take on the responsibility, acquire the expertise, and absorb the cost of preparing the new Closing Disclosure. For years, our goal has been to bring together lenders and settlement agents so that they can work together seamlessly with every interaction, communication and information exchange. ClosingBridge is a significant step toward achieving that goal. It helps bridge the gap between lender and settlement systems, making compliance a team effort, instead of just a lender task.”

Al Ogrodski, senior vice president of Solution Strategy at ComplianceEase, added: “Lenders have determined that, once TRID comes into effect, they will need to maintain control of the generation and delivery of their borrower’s Closing Disclosures in order to meet compliance demands and regulator and secondary investors’ expectations. By integrating ComplianceAnalyzer into ClosingBridge, we hope to help lenders and settlement agents meet these compliance demands and mitigate risk throughout the entire TRID lifecycle.”

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