CC Pace, a mortgage process and technology consulting firm, just announced the launch of its new TRID Rapid Review program, designed to address challenges the industry faces with TRID regulations.
The program was designed to lessen the burden of compliance and give relief to lenders.
According to a nationwide study CC Pace conducted, about two out of three lenders are experiencing significant levels of pain related to their TRID implementations.
TRID regulations drive up mortgage production costs, and profitability is down.
Many lenders told CC pace that their problems with TRID was a technology issue, or failing to prepare needed operational changes. The company’s new TRID Rapid Review will help lenders solve these challenges through a combination of operational and technology assessment and implementation of correctives fixes.
“The ripple effects of inadequate preparation and partial implementation for TRID are felt in all aspects of the mortgage business from the customer experience to productivity and bottom line profitability,” said Craig Hughes, CC Pace managing director of Financial Services Consulting.
“Our approach allows lenders to remain focused on moving live production through the existing pipeline, while having an independent mortgage process expert help design and implement rapid response solutions for measurable operational improvement,” Hughes said. “As easy as that may sound, our sophisticated approach delivers both short and long-term solutions.”
CC Pace specializes in the mortgage banking and financial services industry.
Headquartered in Fairfax, Virginia, CC Pace is a privately held company, serving both commercial and Government clients.
