Or Are We Just Going About the Mortgage Process Wrong?
With so many parties to the mortgage process and hundreds of rules to keep track of as they assist the homebuyer, regulatory compliance and emerging best practices are daunting duties. What’s worse is that lenders, title agents and realtors don’t necessarily interpret the rules the same way.
And since each party can only control their own actions, it’s almost as if TRID violations just can’t be helped. Almost.
ATS Secured’s Mortgage Software Helps Prevent TRID Violations
Our mortgage loan technology lets all parties collaborate on one file, to eliminate errors and increase compliance. We make this possible with three simple safeguards:
1. Verifying/Vetting Everyone in the Loan Transaction
Unfortunately, some TRID violations are the fault of fraudsters who give the mortgage industry a bad name. Every person and company that uses ATS Secured’s software is subject to an extensive background check, verifying individuals and entities are indeed who they say they are.
You need look no further than the daily news to see fraudulent activity in the mortgage industry, such as closing-cost phishing schemes targeting consumers who unknowingly transfer their funds to bad actors.
But once an individual or organization has been verified on the ATS Secured network, their online profile reflects their vetted status. They also have to keep their status up to date. By doing business with those who have gone through this process, you can be assured of a safer mortgage transaction all around.
2. One Loan File = Transparency
One of the biggest problems in the mortgage industry is its opaque nature. It’s so complicated that it’s almost impossible at times to know where the loan is in the process or what next steps need to be taken. Many companies’ software systems cannot connect directly to other parties’ software, to collaborate in real time, with real data, which would eliminate dual entry to seamlessly verify the accuracy of the data around disbursements.
ATS Secured fixes this problem by integrating with every mortgage participants’ software systems, providing transparency and proof of who did what, and when they did it on the loan file. The appropriate mortgage loan participants can work on the file together: requesting signatures/documents, updating data, approving/denying information—all without having to update your production system, saving time and eliminating errors.
This creates a fully transparent mortgage process where lenders, title agents, realtors and vendors can easily see when something is missing, overdue or inaccurate.
3. Proof of Compliance
The ATS Secured platform includes a highly robust vendor management component that allows lenders and title agents to fully vet third and fourth parties, set expiration dates on credentials, and more.
ATS Secured also provides transparency beyond the closing table, so you can be sure money is disbursed as agreed upon—and that if a fee changes, the lender and settlement agent will know about it. It’s a seamless tool that provides all the information needed to the lender, so they can take steps to avoid a potentially costly TRID violation.
We not only provide transparency around disbursements, but we also give qualified participants a full reconciliation report, to prove funds were disbursed as agreed upon.
If a TRID violation were to happen, our real-time collaboration on fees with the ability to follow the money makes it easier to cure before the specified timeline runs out. This helps the lender—and therefore the loan purchaser—avoid excess liability for non-compliance.
With the right technology, TRID errors don’t have to be inevitable.
Contact us today for a software demo.