Beyond Compliance in the New Year.
With the seemingly constant stream of new regulations, clarifications and rules from the Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Department of Housing and Urban Development (HUD), CFTC and numerous other agencies, laws and institutions, it’s important to stay up-to-date. The “Know Before You Owe” rule, TILA-RESPA Integrated Disclosure rule, or TRID has caused a stir in the industry since its implementation deadline last October. Recently, the CFPB, the agency that instituted the rule, announced an update that will take effect in March 2017.
The rule, which appeared to be a simple form change, has proven to be much more complex, requiring many companies to implement massive technology upgrades and process overhauls. Complying with the rule was difficult because of its vagueness on various critical points. In response to those concerns, the CFPB issued some clarifications and proposed rules, as well as a period of time intended to collect feedback. Through this process, they discovered that the proposed changes did little to address the top complaints of those in the mortgage industry who were struggling with implementation.
In a new effort to address these complaints, the CFPB has issued an update that is meant to “amend certain provisions… to make technical corrections and to clarify certain requirements.” The new proposed rule will attempt to reconcile how creditors may collect certain demographic information.
Some experts predict that after the industry has fully understood and implemented TRID with all of its updates and clarifications, the next hurdle for companies will be to better utilize technology to serve clients, increase efficiency and gain market share. Moving beyond implementation and into excelling in the New Year will require a real understanding of TRID.
If getting on track with and moving beyond compliance seems like an unattainable goal, call Janus. We diligently seek out the most recent regulations and adjust our processes accordingly, so you can rely on us to help keep you up-to-date and moving forward. With our knowledgeable team, vast network of appraisers and streamlined technology, we work with a sense of urgency and dedication to efficiently and effectively manage your appraisal process.