LendingQB, Docutech and Network Funding Recount Early Success with TRID
Strong preparation and transparent communication credited for smooth implementation
LendingQB, a provider of mortgage loan origination technology solutions, recently found that the majority of their clients felt they were provided with a TRID-compliant solution by the required implementation date, with minimal impact on closing dates and cost per loan increases. “TRID was especially difficult for LOS and document preparation companies,” said Binh Dang, president of LendingQB. “We believe our success was due to our early planning and transparent testing process with clients and vendor partners.”
The TILA-RESPA Integrated Disclosure (TRID) required substantial changes to LendingQB’s loan origination system. “We knew it was going to be a massive project, so we began planning in early 2014,” said Thinh Nguyen-Khoa, vice president of engineering at LendingQB. “We set an internal deadline of June 2015 to give ourselves enough time for testing. We allocated our resources accordingly and created a development schedule that allowed us to complete the work in time.”
LendingQB completed the development work according to schedule in June 2015 and began the testing phase. One of LendingQB’s clients, Houston based Network Funding, approached LendingQB and offered to serve as a dedicated testing partner. With more than 40 branches nationwide and over $1.2 billion in originations, Network Funding had good reason to be proactive about testing.
“Everyone knew what a challenge it was going to be to implement TRID,” said Willie Jordan, national operations manager at Network Funding. “We realized that our LOS technology and other vendor partners were going to be crucial to our success.”
One of Network Funding’s document providers, Docutech, was invited to participate in testing and from the beginning, all three companies established clear guidelines on how the testing process would work. “It sounds cliché, but we truly worked as a team,” said Nguyen-Khoa. “All three companies worked as a single unit with a common goal: to meet the October 3rd deadline. There wasn’t any time for pretense or finger pointing. The need for transparency was more important than any internal politicking.”
“Our ability to work closely with LendingQB and Network Funding in advance of the TRID implementation was central to delivering a seamless integration and fully compliant documents”, said Ty Jenkins, CEO of Docutech. “We are confident that our clients benefit the most when we are able to work with our LOS partners to deliver innovative solutions that drive faster processing times and improve lender workflow efficiencies.”
LendingQB, Docutech and Network Funding met at least twice per week for several months, utilizing an online project management system that notified each member on the progress of tasks in real time. “We were able to collaborate with each other and identify who was responsible for every issue,” said Nguyen-Khoa. “We worked as a tight unit; helping each other when someone fell behind. It was a total team effort.”
“We were in constant contact with LendingQB and Docutech,” said Jordan. “We spent countless hours testing, re-testing and then testing again. Having a vendor that was accessible and could implement recommended changes quickly was invaluable,” Jordan noted.
By the October 3rd implementation date, Network Funding was confident that they could produce a fully compliant TRID loan. On October 28th, they received word that their first TRID loan had been successfully closed. At the end of November 2015, Network Funding had closed nearly 200 TRID compliant loans. Although they added some staff to their closing department, they did not experience a decrease in production volume due to TRID issues.
“Things happen and nobody gets it perfect right out of the gate,” said Jordan. “But looking back, we were better prepared than most lenders. In the post-TRID world, lenders are more reliant than ever on their technology partners. LendingQB and Docutech’s cooperation and willingness to help us work through extremely complex issues really impressed us.”
Founded in 1991, Idaho Falls, Idaho-based Docutech offers a wide-range of solutions to institutions all over the world. From document generation and imaging support, to eDelivery, digital signatures and print fulfillment, Docutech sets the standard in providing market-proven technology and unrivaled customer service to you, your workforce and your clients.
LendingQB is a provider of 100 percent web browser-based, end-to-end loan origination software offering residential mortgage banking organizations lean strategies for optimal performance resulting in faster cycle time and lower costs per loan. For more information, please call 888-285-3912 or visit our website at lendingqb.com.
About Network Funding
Network Funding, LP, NMLS #2297, is a private residential mortgage lending company that operates branches across the country. Since it was founded in 1998, Network Funding has financed more than 90,000 homes, making the American Dream a reality for its customers. Network Funding’s key standards are based on integrity, reliability and simplicity and aims to empower its customers through educating and equipping them for the home-buying process. To learn more about Network Funding, visit nflp.com.