What the GSE Plan to Collect TRID Documents Means for E-Closings
National Mortgage News, Nov. 30, 2015–Sinnock, Bonnie
A plan by the government-sponsored enterprises to begin electronically collecting the new Closing Disclosure data is designed to promote Fannie Mae and Freddie Mac’s loan quality and risk management goals. But the initiative may also prompt broader use of electronic signatures and paperless processing in the mortgage industry. TRID implementation “was painful” and required the expansion of industry data standards by as many as 300 data points, said Tim Anderson, a director at mortgage software vendor DocMagic. The UCD, which is in testing now, adds a few dozen more data elements to the Mortgage Industry Standards Maintenance Organization guidelines and is “manageable,” he said.
