What is the Clear Path to TRID Compliance?

In our recent white paper, we wrote about a technology that is in production today and is providing a clear path to TRID compliance. Lenders who have been originating loans since TRID went into effect a year ago know that this is not a trivial matter. It’s a difficult path lenders have been asked to walk and the consequences of noncompliance are severe. We wrote about this at some length in our white paper and in this article on MReport.com.

The technology we described is in use today by top lenders and it has been embraced by thousands of title and closing agents around the country. This puts it in a different class from those almost-ready for production solutions we all hear about. Too often in our industry, we hear from bright mortgage technologists about the tools they would like to build, if they only get the right investment or the right backing or the time or the personnel.

Ernst has proven that it is possible to give lenders the TRID compliance guarantee they need to operate in today’s highly regulated lending environment and also give smaller settlement services companies the technology they need to provide guaranteed accurate fees to lenders in time for disclosure to the borrower on the CD. This is the clear path to TRID compliance.

How did we do it? For many years, Ernst has served the nation’s lenders with its Title Fee Engines, which enable lenders to connect directly to title underwriters and easily import and manage title premiums. This has allowed them to maintain up to date rates from the title providers they choose to work with. The service provides guaranteed lender’s title premiums, guaranteed endorsements, guaranteed owner’s title premiums and guaranteed title service fees.

Ernst programs process an average of 150 million real estate transactions every year, industry-wide. Since the company was founded 27 years ago, Ernst has processed over 1 billion transactions. We estimate that our technology is in use for 90% of the nation’s new loan originations and refinance transactions. No one else could have done it.

Download a copy of the white paper on this topic today.