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#2091429 - 08/03/16 07:34 PM TRID - 2 audits or 1?
tedster Offline
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tedster
Joined: Jul 2006
Posts: 108
Philadelphia
Just starting a TRID audit, and have some disagreement whether we should issue final reports of TILA and RESPA separately, as we have done previously, or 1 combined report. Any thoughts, or comments on what other places have done?
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#2091435 - 08/03/16 07:53 PM Re: TRID - 2 audits or 1? tedster
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
They are still two separate regulations that have many separate audit components. If you separated them in the past, I don't see TRID having any impact.
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#2185468 - 07/16/18 03:10 PM Re: TRID - 2 audits or 1? tedster
MusicCityCRCM Offline
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Reviving this topic: I feel that if I audited the TRID documentation components of TILA and RESPA separately, and continued auditing the other components of those regulations as I have been doing, it would save me some time and possibly enable my TRID audit to be more effective. Has anyone else attempted these audits this way? Or is there perhaps a better suggestion? This is my second year in charge of our internal compliance auditing and I welcome any advice.

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#2185477 - 07/16/18 03:46 PM Re: TRID - 2 audits or 1? tedster
Adam Witmer Offline
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How you conduct your audit is completely up to you, but should be risk-based. One of the challenges with a combined audit (combining regulations in one audit) when reviewing TRID (or even more so, full mortgage files) is that most risk-based considerations go out the window. Basically, you end up reviewing everything regardless of the risk-rating of specific areas. Personally, I love the efficiencies of combined audits, but have also recognized in the past when I would be spending too much time on lower-risk areas. One approach could be to include in your scope a certain number of files for a full review and then have a "targeted review" in certain areas where you expand the sample size just for higher-risk areas that you want to/need to dig deeper into.
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#2185485 - 07/16/18 03:58 PM Re: TRID - 2 audits or 1? tedster
MusicCityCRCM Offline
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Thank you! That is great advice.

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