ComplianceEase Releases Flexible TRID Disclosure Monitoring and Auditing Solution

July 23, 2015

ComplianceEase announced that its online compliance management platform, ComplianceAnalyzer, supports loans originated under the new TILA-RESPA Integrated Disclosure (TRID) rules and has incorporated TRID changes into the thousands of federal and state compliance tests that have been affected by the new rules.

In addition, the latest ComplianceAnalyzer release includes a new module, called TRID Monitor, that provides auditing of TRID disclosure timing, changed circumstances and fee tolerances across all disclosures. As a result, lenders can test the new module and finalize their compliance procedures about ahead of the Oct. 3 effective date.

According to a release, ComplianceAnalyzer allows lenders to insert flexible TRID compliance controls into any system. It can be used at any point in the lending process and across multiple origination channels. The module can also be used for pre- and post-close quality control and securitization due diligence.

Depending on a lender’s workflow needs, ComplianceEase said lenders can use ComplianceAnalyzer to check just the latest terms and fees on any single TRID disclosure or use The TRID Monitor module to monitor changes in fees and terms throughout the origination and closing processes. TRID Monitor audits tolerance across all disclosures and changed circumstances, and tracks post-consummation disclosures, including those with a cure to the borrower. The product provides a comprehensive, independent third-party audit report that is evidence of TRID compliance. As a third-party audit, this report may carry greater weight with secondary market investors and regulators than TRID reviews performed by a lender’s own personnel or origination, underwriting or pricing systems.

According ComplianceEase, its solution:

  • reviews new disclosures, renders a compliance decision in seconds and displays findings with an easy-to-read risk score and tolerance analysis, backed by regulatory citations and narrative explanations
  • monitors all disclosed fees throughout the origination process to determine if changes are allowable under TRID and if re-disclosure is permitted and/or required
  • audits all disclosure timing requirements, tracking dates and delivery methods
  • tracks allowable reasons for re-disclosure to automatically compare disclosed fees and terms from Initial and Revised Loan Estimates to those on the Closing Disclosure(s)
  • audits final closing documents, alerting lenders to closing table changes that create compliance issues and calculating refund and deadline for remediation
  • maintains a complete audit trail throughout the loan origination lifecycle

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