TRID: CBANC is Here to Help

on by Jack Jolley, Community Manager

CBANC recently posed this question to our network of more than 7,000 community financial institutions:

Which of the following are the most significant growth barriers facing your bank over the next 12 months?

  • Interest Rate Environment
  • Staying on Top of Emerging Technologies
  • Regulation and Legislative Pressures
  • Risk Management
  • Troubled Loans (Residential and Commercial)
  • Competing with Big Banks

Respondents reacted loudly and clearly: The biggest barrier to growth was unanimously regulation and legislative pressures. One legislative change still at the forefront of lenders’ minds is the implementation of TRID policies and procedures. Implementing TRID has come with its fair share of headaches for lenders, and has been costly besides. Aside from the costs you can measure in dollars, there are intangible costs incurred as well: delays, time spent searching for answers, documents and best practices quickly pile up. It is easy to see how fast one can feel overwhelmed. There is no uncertainty about the high level of ambiguity associated with many aspects of TRID implementation. Facing these unknowns can be daunting. “Where do I go for answers?” “Who will send me the documents I need?”

What we have witnessed is that communication is essential when trying to reduce the amount of time spent locating TRID documents and answering questions. Not only communication within your organization and across lenders and borrowers, but communication across the industry and with your peers. By providing an open community platform for bank members to turn to so they can communicate, collaborate, share knowledge and information and solve problems, CBANC has proven to be an invaluable resource to small and medium-sized banks in rural and suburban settings.

Let’s take, for example, the issue with delays in the closing process. Lender consensus has made it clear that the toughest issue TRID causes is delays in the closing process because new systems are still learning, training and practicing with the new forms.

Since TRID implementation in October 2015, the CBANC community has served as a tremendous resource for small and medium-sized banks to utilize and solve problems like the one mentioned above. Members have created a “library” of essential TRID documents, including closing disclosures, audit guides, compliance review checklists, training guides, doc checklists, TRID training for boards of directors and flowcharts for explaining TRID workflow.

The problem lenders face is clear: time delays. By engaging with the CBANC network to search for your solution, several of these delays can be mitigated. In the wake of TRID implementation, CBANC has proven to be a resource based on communication, collaboration and sharing that helps banks and credit unions troubleshoot TRID problems, and which links those who have solved those problems to those who are currently struggling with them.

To learn more about TRID, see what Documents we have available and what Questions the community has about TRID…check out our TRID Topics Page!

About CBANC:

We are the professional network for the banking industry, powering the largest online community of banks and credit unions in the world. Every business day, CBANC helps thousands of verified financial professionals and their institutions make more intelligent vendor decisions, navigate compliance challenges, and answer questions.

Our software leverages the network effects inherent in our community, enabling our members and the vendors that serve them to work together to solve problems. The results are more efficient operations, the ability to better serve customers, and an improved competitive position for our members and the US banking system.

About the Author:

Jack Jolley
Community Manager