How Have you Prepared your Company to Work with Lenders under the TRID Rule?

Part of our overall business plan this past year was to use the new TRID rule as an opportunity to not only stand out among our competitors, but also among the lenders we do business with. Our primary goal was to establish ourselves among local lender and realtor clients as the title company expert on TRID.  Early on we implemented all of the ALTA Best Practices.  Members of our management team and I attended many events and trainings sponsored by ALTA, the Mortgage Banker’s Association, and our underwriters. We tried to obtain and then disseminate to our clients the most current information about the TRID rule. We created and held classes to educate lenders, realtors, and our staff on the TRID rule. We asked the lenders to participate in those trainings.  As a result of our partnerships and their participation many of our local lenders’ in-house compliance officers contacted me directly seeking our company’s opinion on how they should set-up their internal processes relative to TRID.

For the most part, we were able to memorialize and strictly follow many of our existing processes related to licensing, escrow protection, privacy and security, policy production and delivery in order to be compliant. We have always invested in technology, but this past year we really started to use that technology to meet the TRID requirements. We even updated our website to include an easy way for the consumer to give us feedback.  We have tracked individual lender requirements as they were made available to us. We continue to be responsive to lenders and meet the deadlines they imposed on us for information. We realize that the compliance burden of the lender under TRID is much greater than our burden. We stepped back and made settlement processing changes that will make it easier for the lenders to do business with us. We believe the biggest obstacle in front of all title companies post TRID is maintaining our lender and realtor client base and proving our value and the value of title insurance. We are very mindful of what information the lenders will need from us to meet their TRID requirements.  Therefore, we changed our settlement process so that we are providing that information to them early, quickly, accurately, and at a cost reasonable to the consumer.

We have embraced the required TRID changes and viewed this is an opportunity instead of a burden. We hope our methods will continue to allow Lakeside Title Company to grow and prosper as we have for almost 20 years.

Lakeside Title Company

Lakeside Title Company closes over 4,000 transactions a year from 14 locations across Maryland, Pennsylvania, and Virginia. Our main location is in Columbia, MD. For more information, please visit our homepage or contact us today. If you found this blog helpful, we invite you to share it on your company’s social media pages or with your friends and colleagues.

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