With the recent TRID rule extension, lenders and service providers have a few more weeks to finalize their plans and preparations to service customers under the new rules.
Each service provider, lender, realtor and closer, has different areas and responsibilities to address but all need to work together to achieve success (Tips).
The big day is not all that far away, especially with vacation time upon us. October will be here before you know it.
Although the TRID changes will affect each service provider a little differently, all are in the same boat and each dependent upon the other to succeed. Realtors need to properly “set the table”, lenders do the preparation, while the closing agent delivers the finished product. These groups also need a sprinkle of help and a touch of support from their technology and document providers.
In their preparation, they need to mix in what I call the six “T”s of TRID preparation;
- Technology: Electronic communications, with document preparation, delivery and signing
- Timing: Have systems, processes and people prepared to ensure disclosures are provided timely and accurately to avoid loss and delays
- Tracking: Systems to monitor activity throughout the process
- Training: Ensure all employees are aware of, and perform, their duties as required
- Teamwork: Everyone communicating and working together to serve the consumer.
- Testing: Ongoing pre and post-close auditing to identify defects and determine where improvement is needed.
Are you ready? If not, do you have a plan to get ready? Does it incorporate the 6 “T”s? Don’t be at a competitive disadvantage.
Realtors and consumers will want to frequent those lenders who offer a full menu of products, properly priced, prepared and served timely. They want a lender that can not only meet, but that exceeds their needs and expectations. They want a lender that suits their taste. Use the additional time granted by CFPB to fine tune your recipes for TRID success to become that lender.
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Challenges are just opportunities in disguise. Rise to meet each challenge and your opportunities for more business, and profit, will increase.
The game is changing; are you prepared to play different?