A great number of originators aren’t prepared for the upcoming TRID deadline, according to the results of a recent compliance training exercise.
A TRID trivia game tests the knowledge of industry players about the upcoming TILA-RESPA guideline changes and over 30 percent are failing.
"When more than 62 percent of those questioned do not know the correct definition of business day for the Loan Estimate, for example, we have a problem," said Ginger Bell, SVP of eLearning at Morf Media said in a release. "Now that the Consumer Financial Protection Bureau announced a final on the deadline today for meeting TRID compliance, it's time to take action.”
The quiz, which consists of a daily TRID-focused question, is sent out daily and currently 500 industry professionals take part each day, according to Heidi Wineland, VP of Marketing for Morf Media, who organizes the quiz.
Yesterday’s question was: Penalties for violations are now assessed per day and it is important to have a comprehensive plan in place for compliance. A "Reckless" violation is $________ per day?
The results are sobering, with the effective TRID date of October 3, 2015 quickly approaching.
The CFPB finally announced that date as its deadline Tuesday.
“The Bureau believes that moving the effective date may benefit both the industry and consumers with a smoother transition to the new rule,” the CFPB stated in a press release. “The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving the industry time over the weekend to launch new systems configurations and to test systems.”
"When more than 62 percent of those questioned do not know the correct definition of business day for the Loan Estimate, for example, we have a problem," said Ginger Bell, SVP of eLearning at Morf Media said in a release. "Now that the Consumer Financial Protection Bureau announced a final on the deadline today for meeting TRID compliance, it's time to take action.”
The quiz, which consists of a daily TRID-focused question, is sent out daily and currently 500 industry professionals take part each day, according to Heidi Wineland, VP of Marketing for Morf Media, who organizes the quiz.
Yesterday’s question was: Penalties for violations are now assessed per day and it is important to have a comprehensive plan in place for compliance. A "Reckless" violation is $________ per day?
The results are sobering, with the effective TRID date of October 3, 2015 quickly approaching.
The CFPB finally announced that date as its deadline Tuesday.
“The Bureau believes that moving the effective date may benefit both the industry and consumers with a smoother transition to the new rule,” the CFPB stated in a press release. “The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving the industry time over the weekend to launch new systems configurations and to test systems.”
