Explore our TRID template PDF workflow for efficient quality control procedures in loan processing. Ensures accurate, consistent loan details and disclosures.
1
Identify the specific loan information
2
Verify the information about the loan application form
3
Double-check the details of the borrower
4
Ensure the right annual percentage rate
5
Check the loan term details
6
Review the projected payments
7
Validate the total closing costs
8
Check the cash needed to close information
9
Implement a TRID template PDF
10
Compare all the loan details with the loan estimate
11
Ensure all right datas are in the right place on the TRID template
12
Recognition of Approval: TRID Template
13
Create a loan transaction report
14
Identify any inconsistencies in loan transaction report
15
Correct the inconsistencies
16
Approval: Loan Transaction Report
17
Update the loan estimate with all the current details
18
Prepare a closing disclosure
19
Finalize the closing disclosure
20
Approval: Closing Disclosure
Identify the specific loan information
Identify and gather all relevant details and information about the specific loan. This includes loan amount, type, purpose, and any unique characteristics or requirements. The goal is to have a clear understanding of the loan to proceed with the quality control process effectively.
Verify the information about the loan application form
Thoroughly review all the information provided in the loan application form. Verify the accuracy of the borrower's personal and financial information. This step ensures that the loan application form is complete and error-free, minimizing the risk of future discrepancies or issues.
1
Borrower's Name and Contact Information
2
Employment History
3
Income Details
4
Credit History
5
Assets and Liabilities
Double-check the details of the borrower
Carefully examine and double-check the borrower's details to ensure accuracy and completeness. This includes verifying the borrower's identification, contact information, employment history, income details, and credit history. Double-checking these details is crucial for maintaining data integrity throughout the loan process.
1
Identification (ID) Document
2
Contact Information
3
Employment History
4
Income Details
5
Credit History
6
Current Address
Ensure the right annual percentage rate
Verify that the annual percentage rate (APR) mentioned on the loan application form matches the accurate rate offered to the borrower. This helps ensure transparency and accuracy in the loan documentation, providing borrowers with the correct information about the cost of borrowing.
Check the loan term details
Confirm the loan term mentioned on the loan application form. This includes the duration or period for which the loan is approved. Accurate loan term information is essential for borrowers to manage their repayments effectively and for the lender to maintain consistent loan records.
Review the projected payments
Review and analyze the projected payment details provided in the loan application form. This includes the monthly payment amount, total interest paid over the loan term, and the total cost of the loan. A thorough review ensures that borrowers have a clear understanding of their financial obligations throughout the loan tenure.
Validate the total closing costs
Validate the accuracy of the total closing costs mentioned on the loan application form. These costs include fees, charges, and any other expenses associated with closing the loan. Accurate validation ensures transparency in the loan process and avoids unexpected costs for the borrowers.
Check the cash needed to close information
Check and verify the cash amount required to close the loan. This includes any upfront payment, down payment, or other costs mentioned in the loan application form. Accurate validation ensures that borrowers are aware of the exact cash amount they need to arrange for the loan closing process.
Implement a TRID template PDF
Implement a standardized TRID (TILA-RESPA Integrated Disclosure) template in PDF format to ensure compliance with regulatory requirements. This template helps in providing borrowers with clear and comprehensive information about their loan terms and costs, promoting transparency in the lending process.
Compare all the loan details with the loan estimate
Compare and cross-reference all the loan details mentioned in the loan application form with the initial loan estimate provided to the borrower. This step helps ensure consistency and accuracy throughout the loan processing stages, minimizing potential errors or discrepancies.
1
Loan Officer
2
Online Calculator
3
Loan Origination Software
4
Other
Ensure all right datas are in the right place on the TRID template
Review the loan data entered into the TRID template PDF and ensure that all the required information is present and correctly placed. This step guarantees the accuracy and completeness of the TRID document, complying with regulatory standards and providing borrowers with comprehensive loan details.
1
Loan Amount
2
Borrower's Name and Contact Information
3
APR
4
Loan Term
5
Projected Payments
6
Closing Costs
7
Cash Needed to Close
Recognition of Approval: TRID Template
Ensure that the TRID template includes a recognition or acknowledgment section where the approval and consent of the borrower is recorded. This section is essential for documenting borrower acceptance of the loan terms and conditions, providing a legal record of their agreement.
Create a loan transaction report
Generate a loan transaction report summarizing the key details and stages of the loan process. This report serves as a comprehensive record of the loan transaction, providing an overview of the borrower, loan terms, approval status, and other relevant information.
Identify any inconsistencies in loan transaction report
Thoroughly review the loan transaction report to identify any inconsistencies, errors, or discrepancies. This step ensures the accuracy and reliability of the loan documentation, allowing for timely corrective actions and preventing potential issues in the future.
1
Mismatched Loan Amount
2
Incorrect Approval Status
3
Missing Documents
4
Discrepancies in Payment Schedule
5
Other
Correct the inconsistencies
Take necessary actions to correct the identified inconsistencies in the loan transaction report. This step involves updating or revising the incorrect or inaccurate information, ensuring that the loan documentation reflects the correct loan terms, approval status, and other relevant details.
1
Update Loan Amount
2
Revise Approval Status
3
Request Missing Documents
4
Correct Payment Schedule
5
Other Actions
Approval: Loan Transaction Report
Will be submitted for approval:
Create a loan transaction report
Will be submitted
Identify any inconsistencies in loan transaction report
Will be submitted
Correct the inconsistencies
Will be submitted
Update the loan estimate with all the current details
Update the loan estimate document with the most recent and accurate loan details. This ensures that borrowers have access to the latest information about their loan terms, costs, and repayment obligations, promoting transparency and avoiding any confusion.
Prepare a closing disclosure
Prepare a comprehensive closing disclosure document that presents all the necessary information related to the loan closing process. This document highlights the final loan terms, costs, and payment details, providing borrowers with a clear understanding of the financial aspects involved in closing their loan.
Finalize the closing disclosure
Review the prepared closing disclosure document and ensure all the necessary details and calculations are accurate. This step finalizes the document and prepares it for distribution to the borrower, ensuring that they receive all the essential information required for the loan closing process.
Approval: Closing Disclosure
Will be submitted for approval:
Update the loan estimate with all the current details
