Lenders use LoanComplete:™ Quality Check from Fiserv, part of the LoanComplete solution suite, to help automate TILA-RESPA Integrated Disclosures (TRID) compliance validation. This saves time and money and helps reduce cures, fines and buybacks.
Lenders face tedious manual processes that are costly, slow and inefficient. From manual keying of fee data provided by settlement servicers to comparing loan estimates with final closing disclosures to check fee variances, lenders remain burdened with the risk of errors, non-compliance and defective loans.
Lenders use LoanComplete Quality Check to quickly perform pre- and post-close TRID compliance checking by comparing more than 1,600 data fields between multiple documents using an advanced rules engine for accuracy between the loan estimate and closing disclosures – helping them ensure TRID tolerance thresholds are not violated.
LoanComplete Quality Check sends pro-active alerts to lenders for exceptions outside of user-defined tolerances to help them reduce mistakes that can result in cures, fines or re-purchases. It tracks and captures comparisons, interactions and changes to simplify compliance and audit steps throughout the process.
Using LoanComplete Quality Check for Compliance (TRID) helps:
- Simplify TRID Compliance
- Accelerate the Loan Origination process
- Minimize "stare and compare" manual processing
- Reduce the risk of compliance penalties and loan re-purchases
- Capture an audit trail of actions and changes