Resource Financial Services, a privately owned mortgage banker headquartered in Columbia, SC, serving SC, NC and GA, successfully closed their first post-TRID (TILA-RESPA Integrated Disclosure) loan on Monday, October 26, 2015.
TRID guidelines went into effect on October 3, 2015. The new regulations, also known as the “Know Before You Owe” mortgage disclosure rule, are designed to help consumers understand their loan options, shop for the mortgage that’s best for them and avoid costly surprises at the closing table.
Resource Financial Service’s quick turnaround on the loan is significant because the new regulations were rumored to prolong the mortgage process by as many as 60 days. The team at Resource attributes their successful transition to TRID to careful planning combined with the right technology.
“We adopted the new guidelines months ago and made sure we had the advanced technology in place to streamline the process of delivering disclosure and closing documents,” explained A. Wade Douroux, President and CEO of Resource Financial Services. “The TRID guidelines are also right in step with our philosophy of underwriting loans up front, making the transition an easy one for us.”
The executive leadership team at Resource Financial Services said the company chose its loan origination and compliance system specifically to ensure an easy transition to the new regulations.
“Historically there was a lot of back and forth between lenders and closing agents to finalize the numbers,” explained Douroux. “Now we collect all invoices throughout the process and are responsible for finalizing the numbers. This new process makes the entire transaction more transparent.”
“It takes us an average of 15 days to close a loan, which is outstanding in today’s highly regulated environment, and that is still true for us even with the new TRID guidelines,” he said. “In fact we could have closed this loan even earlier, but October 26 happened to be the scheduled closing date.”
Resource Financial Services has six locations in the Carolinas. The Columbia office and company headquarters is located at 2717 Devine Street.
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