What You Need to Know About TRID 2016 after the Grace Period
Your Path to Assuring Title Insurance Compliance in 2016
Compliance is the hottest topic of the past year for title insurance, mortgage lending, and real estate professionals. Standards for TRID compliance in 2016 will change the way title insurance companies do business after the “grace period” ends.
Are you ready for “Know Before You Owe?”
The bill named the Homebuyer’s Assistance Act was passed to grant real estate agents, title insurance companies, and mortgage lenders a “grace period” for compliance. The grace period for TILA-RESPA Integrated Disclosure compliance ends February 1st, 2016.
This bill benefits the real estate industry in that the grace period allows for relaxed enforcement with TILA-RESPA Integrated Disclosure compliance, which extends four months past the initial deadline on October 3, 2015, as recognized by the Consumer Financial Protection Bureau (CFPB). The benefit of setting a grace period for homebuyers, real estate agents, and lenders is to encourage normal processing times and business operations during the first few months of TRID integration.
Questions About Title Insurance?
Get the help you need with our free guide.
Title Insurance Technology Makes Your Life Easy
One of the biggest challenges with the switch to TILA-RESPA Integrated Disclosure was reworking internal systems with the newly required documents. The second biggest challenge was meeting the new deadlines required for delivering the appropriate documents to the homebuyer. Both these challenges can be remedied with the use of technology.
Most title insurance companies and lenders were required to integrate new software, title insurance platforms, and systems into daily business operations. This required the right software to be developed, and it also required training employees with the new systems. These issues were a source of delay for some companies following the first TRID deadline back in October.
Title insurance technology and closing solutions benefit lenders and real estate agents to help brace for the end of the grace period. Delivering forms on time is much simpler when you’re working in a paperless environment. Business efficiency following the end of the grace period for TRID compliance in 2016 can be maintained with the right title production software and platform systems to keep better communications between all parties and documents throughout the closing process.
Comply with TRID by Working with Experts
The greatest asset for compliance is a team of experts using a superior closing system. You need a team of title insurance, real estate legal, and mortgage lending experts who know how to adapt to changes in the industry. The solution to your compliance problem is to work with reliable experts — title insurance professionals with decades of expertise and a nationwide knowledge of closing and underwriting.
For those title insurance companies that already made the switch to digital closing solutions, the updated rules for TRID compliance in 2016 are less daunting. For real estate agents and lenders, compliance is made much simpler when working with a title insurance agent that uses a seamless software platform and title production system.
Need a path to TRID compliance in 2016?
February will be here faster than you know it, so opt to work with a team of experts. You need a title insurance company you can trust to get the job done. Contact Bay National Title Company for reliable real estate owned and title insurance services.
SOURCES:
CHECK OUT THESE RELATED POSTS:
