Corporate Training | Training Consultants | Blog

Mortgage Training Checklist: Are You Ready For TILA-RESPA Integrated Disclosure (TRID)?

Written by Ashley White | Jun 24, 2015 3:07:00 PM

Download our TRID Implementation Starter Checklist today!

 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.

There are five questions you should be prepared to address:

  1. Will our current strategy and tactics be effective with the extended schedule?
  2. Do our employees understand what TRID means in their day-to-day activities?
  3. Do our current training materials prepare our employees to perform effectively with the changes made under TRID?
  4. Can our current staff develop and effectively facilitate the necessary ongoing training for TRID?
  5. Is our culture supporting this ongoing effort and our TRID readiness?

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.

Read more about the benefits of a hiring training consultants...

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:

  1. Diagnostics – Assess your people’s readiness to perform with the new TILA-RESPA Integrated Disclose Rule.
  2. Performance Strategy – Review or develop the current strategic plan. If one is currently in place, assess if it’s adequate for this large scale initiative and provide a solution.
  3. Analyze and Design – Define the performance details and the design needed for performance procedures.
  4. Develop and Verify – Develop the performance training, communication, and change management tools. Verify their effectiveness in changing behavior.
  5. Rapid Re-skill – Execute the tools. Ensure you organization is ready to be performing as planned by October 1st.

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!