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By: Progress in Lending

TRID has been all consuming for the past two years now. Top executives gathered at the Fifth Annual ENGAGE Event to discuss what happens now. What will the mortgage industry be like now that TRID is a reality?

In the end, lenders have to demonstrate that they are making an effort to comply, said Amanda Phillips, senior legal and compliance lead at Accenture Mortgage Cadence. “Initial audits by the CFPB will focus on the lender’s intent to comply. From there, the fines will start.”

“Going forward, the next big regulatory hurdle is going to be HMDA, according to Phillips. “HMDA is next for the CFPB. We all have to think: What are they going to do with that data? With all of that data at their fingertips they will have an informed opinion about the lender even before they walk in your office to perform that audit. So, lenders have to know their data and they have to be able to explain it.”

By: Amanda Phillips and Matt Hydrew for Tomorrow's Mortgage Executive

We started talking the day the RESPA-TILA rule was announced that this regulation is more than the swapping out of three legacy disclosures.

There’s little argument that preparing for this summer’s RESPA-TILA changes is going to be hard. And overwhelming. And exhausting. And frustrating. We said the same about 2010’s RESPA changes. They were difficult as well, but we got through them, and we kept on lending.