TRID: Options for Data Exchange with Lenders

Prepare for TRID on October 3rd! Learn how data will be exchanged with lenders.

Dear Member,

The countdown to TRID begins! We are less than one month away from the implementation date for the new TRID rules. It has been amazing to see the effort to which you have gone to get ready for this big change in the way you do business with lenders, realtors, sellers and buyers. Thank you for the questions, comments and input that you have given me and my team over the past few months! We are confident that The Fund has done a top-notch job in giving you the resources that you need to be more prepared than anyone in the industry to live in the new TRID world.

There are so many unknowns about how the new rules will work, how they will be interpreted and how the consumer (and others) will react. But if you have done your homework, you should have the tools to facilitate getting answers and resolving issues... all in the interest of closing the deal! And don’t forget that we are here to help – please send questions to cfpbfaq@thefund.com.

My emails over the next few weeks will emphasize the very important things that you should do (or should have already done) to be ready on October 3rd. Today’s email focuses on the way in which data will be exchanged with the lenders.

Options for data exchange with lenders:

Third party integration:

Some lenders are requiring integration with these platforms. Closing Insight is the platform with which most people are familiar because BOA, Wells, Chase, SunTrust and other large national lenders will be utilizing Closing Insight (more about Closing Insight below). Some lenders are utilizing different platforms such as TRID Tracker and BeesPath. You need to verify which platform, if any, the lenders you work with plan to use. However, a fairly significant percentage of lenders will NOT be utilizing a platform of this nature.

Portals:

You will log into the website for the particular portal and enter your portion of the information necessary to collaborate with the lender for the production of the CD. These portals will likely require that you register as a user before you can exchange data with the lender. Again, check with your lender to see what their particular process is regarding the use of a portal.

Manual entries:

The good old fashioned way! You enter your data in your software system, print up the partially completed CD and email or fax it to the lender; and vice versa - the lender will do the same with you.

Leslie Anderson at The Fund (landerson@thefund.com) is our point person on the various portals and platforms. She is collecting information on the various systems as it comes to our attention. Many members forward information to us when they receive it from various sources and this is very, very helpful!

Let me focus briefly on Closing Insight. Since it is the platform designated by major lenders, we have been spending a lot of time communicating with the people at Closing Insight to make sure that we are up to date on where our members need to be. First and foremost, you should register with Closing Insight as soon as possible. Go to this link: https://register.realecexchange.com/public#/CreateRegistrationOrder and complete the registration process as much as you can (there may be some final steps that cannot be completed as this time). If it prompts you for a code to waive the registration fee, please use this code Clsinsght. If you are a DoubleTime user, then you will initially be accessing Closing Insight through the web portal. We are under agreement with Closing Insight to integrate with their platform and will do so when they are ready for us. I am anxiously waiting to see how the integration process works with the vendors in their initial group of users so that we will know what to expect.

Check out our bank chart on the new Information Center webpage at https://www.thefund.com/Public/InformationCenter/pdf/CFPB-BankChart_Communications.aspx. This is a good way to quickly see information about how each lender will handle various aspects of the new rules. This chart is updated regularly so check back often to look at it. And if you find out any information about a lender’s process under TRID, please forward it to us so that we can add this to the chart.

We are putting a lot of energy toward learning more about your options for 3rd party certification of compliance with Best Practices. I know that this is a critical issue for many of you so I want to assure you that we will get information out to all Members as soon as we can.

As always, and especially in these challenging times, thank you for your support of The Fund.

Best Regards,

Melissa Jay Murphy
Senior Vice President and
General Counsel