HOUSTON, TX (PRWEB) October 26, 2015
Network Funding, LP announces it has already closed and funded a mortgage in the post-Tila Respa Integrated Disclosure Rule (TRID) era, making it one of the first lenders in the country to announce doing so. TRID was an important change in the mortgage lending industry that went into effect on October 3, 2015.
The Consumer Financial Protection Bureau (CFPB) introduced TRID with the purpose of making things simpler and clearer for borrowers. However, TRID puts additional responsibilities on the mortgage lenders now, as it added new forms, new rules and new responsibilities. For example, lenders are now responsible for generating the new Closing Disclosure (CD), something that historically would have been on the Title Company.
The implementation of the new TRID forms and rules has had the mortgage industry scrambling for months. Network Funding, saw the challenge as an opportunity and was one of the most proactive lenders in preparing their systems and personnel for the change. The preparation has paid off.
“Network Funding prepared for a smooth transition for TRID for the past several months to make sure that our systems were streamlined and ready for borrowers,” said Network Funding Vice President Gary Davis.
“At the end of the day, it’s about getting the job done on time. That’s why we took TRID preparedness so seriously,” said Co-Chairman Buzz Baker. “Our goal was not to be ‘one of the first in the country,' our goal was simply to make sure we had the systems and staff in place to continue to take care of our borrowers. Being one of the first in the country is just a byproduct.”
Preparedness for TRID is just another way that Network Funding has demonstrated its commitment to reliability for its clients. Network Funding encourages homebuyers to become pre-qualified today and its team of loan professionals can guide borrowers through the loan process.
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 http://www.nflp.com.