The mortgage lender implemented a TRID-compliant LOS in just 50 days
The Consumer Financial Protection Bureau’s new TILA-RESPA Integrated Disclosures (TRID) rule has thrown quite a curve ball at the mortgage industry, requiring technology upgrades that result in a lot of time and money. However, Open Mortgage, a multi-channel mortgage lender, was able to prepare for TRID and implement an entirely new LOS under 60 days, setting a new record for their software solutions partner LendingQB.
"We knew that our implementation timeline was aggressive, wanting to both implement a new LOS and prepare for TRID within 60 days," said James Howard, CTO of Open Mortgage. "Our success was due to having clear implementation plans with our vendors and a team at Open Mortgage that was dedicated to the project. Our first production loan was entered into the new system just 50 days after our implementation kick-off meeting."
After a failed attempt to implement an LOS system earlier this year, Open Mortgage turned to LendingQB to update and improve existing processes.
“The key to the success the second time was the structure we had in place to make decisions as fast as possible. [Greg Block] and I met once a week with our implementation manager and sorted everything out for the week,” said Howard. “A lot of the processes or waiting to get parties involved was shortcut and we were able to get to the root of things faster to focus and stay on the deadline.”
Also assisting in the company’s TRID transition was International Document Services (IDS), whose E-Sign Platform allowed Open Mortgage to roll out e-sign for initial disclosures to all their branches across 44 states.
“With the implementation of LendingQB, we were very excited about taking essentially a two-system environment and moving to just one system and building a massive amount of efficiencies from an operational perspective”, said Greg Block, senior vice president of lending with Open Mortgage. "We closed our first loan just 27 days after the TRID effective date. We would not have been able to accommodate TRID's new rules in our legacy system, so selecting the right technology partners was key to making our transition a success.”
"We knew that our implementation timeline was aggressive, wanting to both implement a new LOS and prepare for TRID within 60 days," said James Howard, CTO of Open Mortgage. "Our success was due to having clear implementation plans with our vendors and a team at Open Mortgage that was dedicated to the project. Our first production loan was entered into the new system just 50 days after our implementation kick-off meeting."
After a failed attempt to implement an LOS system earlier this year, Open Mortgage turned to LendingQB to update and improve existing processes.
“The key to the success the second time was the structure we had in place to make decisions as fast as possible. [Greg Block] and I met once a week with our implementation manager and sorted everything out for the week,” said Howard. “A lot of the processes or waiting to get parties involved was shortcut and we were able to get to the root of things faster to focus and stay on the deadline.”
Also assisting in the company’s TRID transition was International Document Services (IDS), whose E-Sign Platform allowed Open Mortgage to roll out e-sign for initial disclosures to all their branches across 44 states.
“With the implementation of LendingQB, we were very excited about taking essentially a two-system environment and moving to just one system and building a massive amount of efficiencies from an operational perspective”, said Greg Block, senior vice president of lending with Open Mortgage. "We closed our first loan just 27 days after the TRID effective date. We would not have been able to accommodate TRID's new rules in our legacy system, so selecting the right technology partners was key to making our transition a success.”
