We recently returned from this year’s fantastic National Settlement Services Summit in beautiful Charlotte, North Carolina. It’s always nice to connect with our customers and industry experts one-on-one and this event offers plenty of opportunities.
Between our conversations and the sessions, we had two major takeaways this year:
- 1. Everyone is still trying to figure out the best tactics for TRID compliance.
- 2. Data security is more important than ever before.
When it comes to TRID, it’s clear that there needs to be more communication between lenders and settlement agents and that data needs to be consistent and secure. It’s also clear that settlement agents as well as lenders can be held liable for mistakes. During the TRID Tails session, it was stated that 90% of Closing Disclosures audited so far have had violations. What isn’t clear, because of the non-specific nature of the TRID rules, is how best to comply and avoid those mistakes.
A few solutions came up throughout the conference. Perhaps the most common was encrypted emails. Encrypted emails are certainly more secure but can also be a hassle and no one seemed clear on which emails should be encrypted and which should not. It’s also great for the data to be encrypted when sending but you can’t be sure what happens to the data on the other side once it’s been opened.
Phone calls and meeting face-to-face came up a number of times as the best way of communicating between lenders and settlement agents during the closing process. While we agree that these methods are great for building relationships, when it comes to building an audit trail of communication on loan documentation and fees, it’s incredibly hard to prove the content of a phone or in-person conversation.
The final proposal we heard was for secure portals. That’s where we come in. With Simplifile Collaboration and Post Closing, both lender and settlement agent work securely in one place. You’ll have immediate, live communication down to the fee and document level and instantly be notified of any changes. Since the lender sets the fees, as long as you’re working within Simplifile, you won’t have to worry about mistyping or changing the fee name. And unlike phone and email communications, Simplifile offers a detailed audit trail with reporting in one place.
Simplifile solves the back-and-forth problems lenders and settlements agents have been tackling for years, allowing you to work together in real time so you can focus on your expertise and not on rekeying data or keeping up with email.
When it comes to data security, you won’t have to worry about the risks of phishing and sending your encrypted messages to unsecure sources like you do with email. We’ve built a secure infrastructure that has handled tens of millions of mortgage documents since 2000. By maintaining all your communications through Simplifile from pre-closing to post closing, you’re ensuring secure compliance from beginning to end.
We’d love to solve your TRID compliance and data security needs for pre and post closing. Click here to sign up for a free demo.