“We’re looking to create a kind of meeting of the minds between [creditors and settlement agents] to ensure that there is a certain level of appreciation between the parties as to each other’s obligations and to get everybody to work a little bit better together,” panelist John Levonick, director of regulatory compliance at Clayton Holdings LLC, said.
Complying under TRID involves the correct interplay among people, technology and process. Levonick added that he and the other panelists will be discussing how the connections among these three elements might lead to unintended errors and providing actual circumstances where breakdowns in communication or other scenarios led to unanticipated errors.
Levonick will be joined by Deborah Boyd, vice president and senior underwriting counsel at Fidelity National Title Group, and Richard Horn, founding attorney of Richard Horn Legal PLLC, who also is credited with leading the TRID rule while a special adviser to the Consumer Financial Protection Bureau (CFPB).
“We can speak to the multiple perspectives for which challenges arise, whether it’s from the settlement agent’s perspective, whether it’s from the creditor’s perspective or whether it’s from an independent third party assessing where, in fact, an error does exist, why the error exists and prescriptions on how to reduce the reoccurrence of such errors to ensure that the creditors don’t have unnecessary errors that are impacting the salability of the loan that are going to expose them to supervisory or enforcement risk,” Levonick said.
The panel not only will address regulatory and litigation risks, but also secondary market and servicing risks, and how errors might occur in an attorney-state versus a title/escrow state.
“We’re going to highlight common errors that occur, discuss best practices methodology around how a creditor and effectively a settlement agent can interact better to reduce instances of unintentional errors, and assist the audience in learning from the experience of the industry from October 2015 until now,” Levonick said.
The panel session, “TRID Tails,” will take place from 11:10 a.m. to 12:10 p.m. on Tuesday, June 7.
To get more information on the 2016 National Settlement Services Summit (NS3) in Charlotte, N.C., June 6-8, including the agenda and a list of speakers, click here. You can register for NS3 onlineor click here to get information on how to register via mail, fax or phone.