Country Bank Chooses Simplifile’s TRID Collaboration Solution
September 17, 2015
In order to ensure compliance and meet the demands of the regulatory changes ahead, Country Bank has selected Simplifile’s Collaboration and Post Closing services as its TILA-RESPA Integrated Disclosures solution.
Simplifile announced that Country Bank, a Massachusetts-based mutual savings bank with over $1.4 billion in assets, has chosen Simplifile as its TILA-RESPA Integrated Disclosures (TRID) collaboration solution.
“One of the biggest issues with TRID will be how lenders and settlement agents will communicate changes to various documents on a timely basis,” said Country Bank Loan Servicing Officer Robert Olivier. “Simplifile’s Collaboration and Post Closing portal provides the ideal solution for us to collaborate on these changes to meet the required timeframes. It’s extremely well-designed and easy to use, which is a huge benefit for both our staff as well as our settlement agents.”
In a release, Simplifile said its suite of services including Collaboration, E-recording and Post Closing will connect Country Bank to its settlement agents and allow both parties to securely share, validate, audit, track, record and collaborate on loan documents, data and fees to ensure compliance.
“We already partnered with Simplifile on their e-recording solution for our servicing needs,” Olivier added. “We were very pleased with the increase in efficiencies we achieved using that product and the support that Simplifile provided to us. They have been very responsive to our needs and are committed to making sure that the Collaboration and Post Closing portal will help ensure that Country Bank is in compliance with the TRID regulations.”
Through Simplifile, Country Bank will also have the ability to share changes, updates, deficiencies, and statuses with their settlement agents in one system, facilitating a fully auditable, more transparent process from loan application through automated delivery of the final title policy.
Simplifile Collaboration and Post Closing are both free services to settlement agents.
“We’re excited to be working with Country Bank and to provide them with a solution that is TRID-ready,” said Paul Clifford, president of Simplifile. “We share the same community-focused mentality and look forward to continuing to support Country Bank with our new services and in serving the needs of their local communities.”
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