TRID Update

Seamless data transfer and instant results.

Automated Mortgage Compliance

QuestSoft's Compliance EAGLE ACS is integrated with multiple Loan Origination Systems and allows for seamless data transfer and instant results on a wide variety of compliance checks including, TRID, QM, Truth in Lending, High Cost, Ability to Repay, all State & Local laws (many of which conflict with portions of federal law) and much more.

In order to help keep you TRID compliant, Compliance EAGLE includes a RESPA Closing Fee service which allows you to accurately disclose settlement and title fees as well as recording fees and transfer taxes on your Loan Estimate. This accuracy will reduce any fee variances between your initial Loan Estimate and your final Closing Disclosure and substantially reduce or eliminate fee cures.

In addition, our review service for TILA-RESPA provides for the recalculation and verification of various disclosures that are required in the new Loan Estimate and Closing Disclosure documents as outlined below:

  • Perform Loan Estimate and Closing Disclosure timing tests (most LOS integrations)
  • Perform fee variance tests (cannot increase, cannot decrease [lender credits], and can increase by 10% in aggregate) and calculate the "baseline" values for each fee or category (most LOS integrations)
  • Validate the Product Description
  • Notify the need to re-disclose based on the addition of a Prepayment Penalty
  • Recalculate and compare the following to the disclosed Loan Estimate and/or Closing Disclosure:
    • Total Principal in Five Years
    • APR
    • Finance Charge
    • Amount Financed
    • Projected Payments
    • Adjustable Payments
    • Adjustable Interest Rates
    • Cash To Close

QuestSoft has always been a leader in compliance. We have 1800+ customers using our various compliance software tools and we're advising them:

  • Do not relax your TRID implementation and testing plans. The new date allows everyone to test and make adjustments before launch. The CFPB will be less likely so show any leniency given the new deadline, so it is important to continue to be proactive with your vendors.
  • Schedule more hands-on training for August and September.Use this time to create better training programs for your employees and your realtor partners.
  • Settlement services providers were having the same last minute issues as you. Because the new deadline is after the summer buying time, plan to run tests with your critical settlement agents so you can make adjustments for smoother closings.
  • Consider Compliance EAGLE if you haven't already. The system is great for training and catching things in live action environments and you are going to need all of these tools at your disposal to make sure that initial disclosure mistakes don't result in expensive fines and fee cures.

Compliance EAGLE is already being used by lenders across the country who cite compliance as a top priority. Call us now at 800-575-4632 option 1 or CLICK HERE to schedule a short online demo.

compliance eagle logo