Sharon Matthews, CEO and president of eLynx, an on-demand, web-based document collaboration and delivery services provider is applauding the CFPB’s decision to delay the TRID effective date, but she also has a request. “We believe the delay in the TRID implementation date is a great idea, but for different reasons than many others in the industry have mentioned.” Here’s her take of this situation:
“As I recently communicated to the CFPB, we believe that the additional time strongly benefits lenders who are on track for the original August 1st deadline, as well as the vendors who have been helping them get ready, such as eLynx,” Matthews noted. “This additional two months gives them a window during which they can more thoroughly test their systems and procedures to uncover issues and get feedback from consumers before going into full production.
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“For this reason, we have suggested that the CFPB allow lenders and associated vendors to start using the new forms alongside the current forms as early in August as possible. Providing such a transition period would also preclude the need to reset existing transition plans, training and code deployments that would be necessary with a straight ‘go live’ implementation on October 1st. ”
How will this suggestion help the mortgage industry? “The option of moving ahead with the use of the new forms on August 15th, for example, would preserve the planning that has already been in place for many lenders, while still ensuring the benefits of the added testing and learning time afforded by the October 1st deadline,” answered Matthews.
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“Additionally, an overlap period while the forms are functional gives lenders a means to have controlled, confident rollouts rather than having the entire industry dash toward implementation at the same time. We think this approach will be good for lenders, but even better for consumers, who will benefit by having more positive experiences overall,” she concluded.