There are many areas to sharpen in preparation for TRID in August, but if there is one area that you should concentrate on in your compliance department, what should it be?
By David Lykken
Special to MPA
Recently, I had the opportunity to interview Jason Roth of ComplianceEase on the new TILA-RESPA Integrated Disclosure (TRID) rule coming in August. Obviously, there are many areas to sharpen in preparation for TRID, but if there is one area that you should concentrate on in your compliance department, what should it be?
According to Jason, what organizations should really be paying attention to is data accuracy. As the regulation comes to fruition, we need to make sure we are keeping good, consistent records. As it stands right now, does your software keep the appropriate data intact? Is it easily accessible? Is it consistent? These are the questions you should be asking yourself as you make your preparations.
More and more, organizations are investing heavily in their compliance departments. But along with these investments need to come investments in technology. The software you use needs to be capable of keeping track of the things that regulators are expecting you to be on top of.
Are your technology vendors aware of the upcoming TRID rule, and other regulations that place such a great emphasis on consistent data? If you haven't looked into it, you may want to give your data accuracy a review. It will save you a lot of trouble a few months down the road.
A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently he started producing a 1-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across America.
Special to MPA
Recently, I had the opportunity to interview Jason Roth of ComplianceEase on the new TILA-RESPA Integrated Disclosure (TRID) rule coming in August. Obviously, there are many areas to sharpen in preparation for TRID, but if there is one area that you should concentrate on in your compliance department, what should it be?
According to Jason, what organizations should really be paying attention to is data accuracy. As the regulation comes to fruition, we need to make sure we are keeping good, consistent records. As it stands right now, does your software keep the appropriate data intact? Is it easily accessible? Is it consistent? These are the questions you should be asking yourself as you make your preparations.
More and more, organizations are investing heavily in their compliance departments. But along with these investments need to come investments in technology. The software you use needs to be capable of keeping track of the things that regulators are expecting you to be on top of.
Are your technology vendors aware of the upcoming TRID rule, and other regulations that place such a great emphasis on consistent data? If you haven't looked into it, you may want to give your data accuracy a review. It will save you a lot of trouble a few months down the road.
A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently he started producing a 1-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across America.
