Compliance Updates

June: Weekly Compliance Updates

IDS TRID Implementation: Integration Releases and New Webinar Date

June 26, 2015

Several of IDS’s partners have customized the MISMO 2.x standard to meets their own system’s TRID specifications. The IDS Development department is needed to complete the Fees/Escrows custom integration process for each IDS LOS/Compliance system partner. IDS Development has been working in conjunction with the IDS Integrations department to complete the TRID-related MISMO import set-up for MISMO 2.x and MISMO 3.x standards.

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IDS TRID Implementation: Response to CFPB’s Proposed Delay of TRID until October 1, 2015

June 19, 2015

IDS is aware of the official press release from CFPB Director Richard Cordray that a proposal will be submitted to delay implementation of the TILA-RESPA Integrated Disclosure (TRID) rule by two months to October 1, 2015. IDS has taken the stance that its current TRID-related implementation projects will continue to be implemented based upon an August 1, 2015, implementation date. The IDS rationale is that the delay should be used to provide IDS customers with additional time to test the idsDoc system and integrations from partner systems transferring TRID data into the idsDoc system.

IDS TRID Implementation: The Nitty-Gritty

June 12, 2015

IDS understands the importance of knowing where IDS stands in its TRID implementation and when IDS Customers will have the ability to begin testing the new disclosures whether directly within the idsDoc System or via transfer of data from another system into the idsDoc System. Here’s a quick breakdown of what’s happening at IDS and when you can expect to test the new documents in the idsDoc System:

  • IDS completed its Escrows release at the beginning of June, just a few days after its scheduled release. A few “hot fix” releases have been done by the IDS Development department to improve Escrows functionality.
  • With the Escrows complete, initial coding of the LE/CD is also nearing completion. The LE has been added to applicable doc sets and beta testing instructions for all IDS Customers are nearly complete and will be sent via email and added to the IDS Resources website as soon as they are complete. It is expected that the CD will also be added to the appropriate doc sets this coming week.
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TRID Hot Topic Series: Location of Principal Reduction on the CD

June 5, 2015

IDS Compliance participated in a call where the CFPB gave some unofficial verbal guidance that they felt section L, line 04, would be a good place to enter the principal reduction at closing. The proper way to disclose this amount of the principal reduction is in the comment/description—in other words, there would be no amount in the column. For example (red font used for emphasis only):

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