First Cal is TRID Ready!

First Cal is TRID Ready!

A message from Chris Hart on what has been going on
behind-the-scenes at First Cal to prepare for the
October 3rd implementation of TRID...

The Compliance Department started indoctrinating itself with the TRID Rule as
far back as March 2014. To date, the Compliance staff has attended over 65
different webinars, conferences, and trainings on the TRID Rule. The staff
subscribes to over 15 compliance-related services that provide bulletins and
white papers on TRID and has developed a thorough knowledge and
understanding of the TRID Rule. First Cal created a [email protected]
email box for you to submit your TRID questions. The mailbox is manned by our
knowledgeable and responsive Compliance Team.

I strongly encourage you to use the TRID-Support email box!

First Cal’s IT staff has been hard at work at a very early stage as well, testing
and de-bugging both IHM’s and Doc Magic’s proposed changes and providing
valuable feedback to these vendors. It has been assessing the need for new date
fields, new and changed status items, data checks and a host of other changes
including updates and changes to fee and background tables.

Both vendors had an enormous amount of work to be performed on the systems
and in mid-August, IT was able to start testing and de-bugging the release
version went into production over the weekend of Sept. 12. If you haven’t read
the Release Notes that were sent with the system upgrade announcement,
please do so. Recorded trainings of the changes made for the Loan Estimate
and the Closing Disclosure are available. Please contact Howard Sackson if you
would like access to these trainings from PC Lender. An internal training
document for how the new and changed fields and lay-outs will be used for TRID
is expected to be completed on or before Sept. 23.

A TRID working group made up of various department managers and
stakeholders began meeting weekly starting in mid-April to work through process
changes and training requirements. One of the main topics of discussion in this
group has been when to issue the Closing Disclosure. First Call will be issuing
the Closing Disclosure when the loan is put into Clear to QC status. The other
important item for the wholesale division to know is that First Cal, not the broker,
will be issuing the Loan Estimate.

Let’s Talk About Training!

In mid-April, a recorded TRID Overview presentation was posted to The Insider.
Weekly TRID Did You Knows were distributed starting June 8th (known as
TRIDonometry starting August 7th) and are posted to The Insider. A
presentation that Loan Advisors could use to introduce their Realtor-partners to
TRID was posted to The Insider on June 12. The Sept. 18th TRIDonometry con-
tained 2 flyers and a presentation from the MBA that Loan Advisors can brand
and use with their borrowers and Realtor-partners. All Loan Advisors were given
access to Reg U’s Loan Estimate and Closing Disclosure training modules on
Sept. 5th.

Training of the Operations staff began in mid-June. The Disclosure Team
received initial training in June and the entire Team, including wholesale Team
Leads, will be at Corporate for 4 days in Sept. (9/21 – 9/24) for intensive system
and compliance training on the Loan Estimate. Quality Control and Post Closing
have received training. Underwriters, processors, LOA’s and other Ops staff will
receive training via webinar the week of Sept. 28th. The Closing Team Leads
have had 4 training sessions between July and Sept. The entire Closing Team
will be at Corporate for 4 days in October (10/5 – 10/9) for intensive system and
compliance training on the Closing Disclosure and on Doc Magic’s SmartCLOSE
portal.

What is Doc Magic’s SmartCLOSE portal? This is the platform First Cal will uti-
lize to collaborate with the settlement agent to ensure the dates and fees on the
Closing Disclosure, which will be prepared by First Cal, are accurate. Use of this
portal will allow First Cal to deliver accurate Closing Disclosures in a timely man-
ner. Doc Magic released the SmartCLOSE portal for testing on August 19. IT
and Compliance staff are continuing to test it and are preparing training materials.
The training material on the SmartCLOSE portal is expected to be completed on
or before Sept. 28.

First Cal TRID Website Coming Soon!

www.FirstCalTRID.com

Your go-to spot for everything TRID will be hosted on a website. This website will
include general TRID FAQ’s, changes, and will house everything you need to
know about TRID.

Stay tuned for more exctiting news from First Cal...
For more TRID info, please visit the Insider: