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The Consumer Financial Protection Bureau delayed the effective date of TILA-RESPA Integrated Disclosure (TRID) rule until Oct. 1. The required loan documentation consists of two new forms: the Loan Estimate and the Closing Disclosure to ensure compliance. These two new documents have thrown the mortgage industry into a mania as they try to comply by the deadline. How will this affect your corporate training initiative?
Don’t be caught unprepared! There is a lot to consider with TRID. It impacts the entire mortgage process. Additionally, failure to comply with these rules could result in unprecedented fines and penalties, costing you thousands of dollars each day. With so much at stake, it’s critical to begin making changes now to ensure you are prepared by the mandatory deadline.
If you answered “no” to any of these questions, then you may not be ready. You would benefit from utilizing our contract training services to ensure that your organization is ready.
Using a third party to implement the process should also yield insight into opportunities to reformulate training material, training delivery, and the change management to achieve success. As your training partner, we would walk you through our five step process to ensure you have successful implementation:
With 1,888 pages, this regulation is being called an industry “game-changer.” The new requirements around producing and delivering these two disclosures will impact your entire mortgage operation, including business processes, technology, policies, procedures, vendor relationships, employee readiness and customer services. Be prepared by the mandatory deadline. Contact the experts at TrainingFolks to ensure this transition is flawless for your organization.
With the magnitude of the new regulations, it’s critical to act now!