- Business Rules
Are You Ready to Tame the Beast
While the TRID deadline has shifted back slightly, the federal regulation changes will still be some of the most sweeping changes the industry has faced. Even with training and resources, a recent Ellie Mae survey of more than one thousand mortgage professionals found that approximately one third feel unprepared for the workflow changes that will occur when the RESPA-TILA Integrated Mortgage Disclosures rule goes into effect later this year.
To that end, today we launched a new resource on Ellie Mae’s Compliance Central, the Ellie Mae RESPA-TILA FAQ. The comprehensive resource was created by our team of compliance experts and is designed to help mortgage lenders understand and comply with the new federal mortgage disclosure requirements scheduled to take effect later this year.
The FAQ is comprised of the most common questions from Ellie Mae webinars, town halls and training. While the resource will grow and evolve, we published the first four chapters today covering the following areas:
Part 1: Rule Applicability
Part 2: Definition of Application (with questions pertaining to Pre-Approval and Pre-Qualification)
Part 3: Loan Estimate – Miscellaneous Questions
Part 4: Loan Estimate – Timing and Consumer Receipt
Additional chapters will be coming soon and users can enter their email address for updates as they are posted.
The FAQ is just one part of Ellie Mae’s ongoing RESPA-TILA Readiness Initiative, developed to help you tame the beast. The initiative includes online and hands-on training with Ellie Mae’s Encompass all-in-one mortgage management solution, free RESPA-TILA educational webinars, a new AllRegs by Ellie Mae's RESPA-TILA Policy Manual & Readiness Kit, and Compliance Central, Ellie Mae's free online resource.