ComplianceEase launches ClosingXchange for TRID compliance.
SJV Burlingame, California-based CompianceEase announced the release of a new solution to enable lenders and settlement agents to communicate more seamlessly and exchange data securely to remain in compliance with the Know Before You Owe borrower disclosure rule. The ClosingXchange[TM] reduces risks by flagging fee changes throughout the life cycle of a mortgage transaction.
The borrower-disclosure requirements that took effect last October have tight tolerances for differences between the fees disclosed in the initial Loan Estimate and in the Closing Disclosure. The requirements are spelled out in the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure rule (TRID).
ClosingXchange keeps discrepancies to a minimum by reducing manual data entry, and it leverages existing settlement agent production software for producing closing statements and data. The solution can use Uniform Closing Dataset (UCD) XML data files as well as PDF documents to do real-time analysis instead of relying on a manual change-detection process.
The company notes that ClosingXchange maintains an audit log of all status changes, approvals, documents, conversations, scheduling of events, changes of circumstances and delivery timing in a single record that is accessible via a web browser.
Jason Roth, chief technology officer of ComplianceEase, said, "TRID has significantly increased the level of difficulty in terms of communications and collaboration between lenders and closing agents. The old way of delivering documents through different portals and communicating via insecure emails is now not only ineffective, but also susceptible to errors."
The company says that ClosingXchange is being integrated with many settlement services software systems. It has an integrated file-delivery system so lenders and settlement agents can collaborate securely in real time. The solution can also be integrated into loan origination and document-generation systems via web services.
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|Title Annotation:||NEWS ROOM; Transport Research International Documentation|
|Comment:||ComplianceEase launches ClosingXchange for TRID compliance.(NEWS ROOM)(Transport Research International Documentation)|
|Date:||May 1, 2016|
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