The time for TRID implementation is coming quite quickly, and many in the industry are curious about how this will influence their business. TRID implementation has outcomes not just for those involved in sending out the disclosures but also for consumers and other stakeholders in the industry as well.
Lenders in the correspondent and wholesale business are getting ready to facilitate the customer who must now deliver on time in a recently re-engineered process for disclosures. Managers in all parts of the equation all the way from the funding to the purchasing table are working round the clock to ensure that all procedures, policies, and training materials are ready for the new implementation that has to happen by October 2nd. Some are already attempting to practice sending out the new disclosures so that the transition process is as easy as possible.
The main goals is to make sure that compliance requirements are met and that systems are in place to handle the new needs for such requirements. Rather than spending far too many nights concerned about how implementation will go, many are choosing to consider the possible ramifications now so as to limit problems on implementation day.
Matching the Standard to Company Procedures
Perhaps the biggest unknown fact in this entire scenario is whether a company is adequately prepared to meet customer expectations. It’s also important to remember that competitors will also be striving to meet and exceed expectations when it comes to service, so there is another layer of need for improving company policies and approaches with customers. Furthermore, the expectations of real estate agents need to be considered as well. Factoring in all these concerns and then developing systems to deliver quality service is imperative as the date for implementation draws near.
What about Outsourcing?
Investors and wholesalers are certainly in the eye of the storm when it comes to setting rules and determining controls for TRID implementation, but it’s a good opportunity to redefine service level agreements as well. A customer can easily lose confidence in a company’s ability to do things right the next time, so this is a good chance to review existing service targets and determine where things need to be improved.
Outsource service providers are by nature used to big changes, as each one of their clients and projects is likely to be unique. Implementing a project often requires new procedures for every stage of the process beginning with the application and going well into the servicing phase. Explaining how this will impact everyone involved and developing clear communication expectations across the board is key for success. A road map should be provided to all individuals working on service so that they can better understand how these changes fit into the bigger picture.
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