New Consumer Finance Protection Bureau (CFPB) regulations specifically aimed at the TILA-RESPA Integrated Disclosures (TRID) go into effect on October 3rd, 2015. Lenders will be responsible for quickly disclosing accurate fees through the newly introduced Loan Estimate (LE). These fees must be disclosed within days of application and must stay consistent throughout the life of the loan. Failure to comply can result in large financial penalties levied by the CFPB.
Fortunately, Timios has been offering instant guaranteed pricing, available 24 hours a day, since we opened in 2008. Our Closing Cost Calculator offers both the traditional GFE format and a new Loan Estimate (LE) format, which is necessary come October 3rd. Check it out, and see why so many lenders are signing up for our services. You do not even have to register to access!
The new CFPB regulations certainly go much further than just pricing. With the new regulation, Lenders are also responsible for ensuring each vendor meets compliance standards, or again, they risk large fines. To address this need, the American Land Title Association (ALTA) introduced their version of Best Practices, which can be viewed by clicking here.
Timios has not only adopted the ALTA Best Practices in addressing CFPB regulations, we've gone beyond to offer our Lenders and consumers a safe and secure experience. Let us illustrate some of the examples which allow you to go into October with your eyes wide open...
1) We are directly integrated with one of the country's top 3 largest banks to send and receive electronic data. This enables us to reconcile our trust accounts daily while also providing Positive Pay. This means your money is safe, and if a mistake is made, we address it the very next day, not 45 days later.
2) Timios obtained our SSAE 16 Type II certification many years ago. This offers our clients the peace of mind to know their data and information is secure. We have taken the time to test our environment relentlessly and are always taking steps to enhance our security even further.
3) Timios has created an extensive TILA-RESPA Integrated Disclosure (TRID) certification that ensures all Timios Employees are ready to service the new requirements and offers clients individualized training from one of our resident, on staff TRID experts.
4) Timios is directly integrated with the largest Loan Operating Systems (LOS) to feed information directly to Lender's systems on Day 1.
We welcome you to challenge us, and try for yourself. Timios was founded on the principle of transparency and we look forward to showing you why we are the number one fastest growing title company in the industry.
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