One of the problems lenders have with TRID compliance is dealing with fee changes that occur during loan processing. It happens more often than you think.
Last year, Ernst’s systems found that fee changes handed down by County Recorders in the state of Louisiana alone resulted in millions of dollars in additional fees for consumers. Lenders that failed to disclose these additional fees were forced to choose between delaying the closing or paying the difference themselves.
Our answer to this is called Date Forward. We released news about the new product earlier this week. Read all about it here
By combining our patented monitoring program with our date forward calculator, we can validate for the lender and title closing agent that the anticipated fee change actually went into effect. Together the two programs provide a complete solution for disclosing accurate closing costs, even if they change during loan processing.
Find out more about how Ernst provides the best possible defense against TRID non-compliance by visiting our website today.