Cognitive Options Group Launches “TRID Plan B Collaboration Portal” for the New Mortgage Disclosures That Take Effect on October 3, 2015

Lenders need a readiness road map to prepare themselves, their real estate partners and settlement agents to collaborate on the new Loan Estimates and Closing Disclosures going into effect on October 3, 2015.

Lakewood, CO, June 28, 2015 --( Cognitive Options Group, a national consulting firm specializing in Compliance and Due Diligence Reviews based in Lakewood, Colorado has announced that they are in the final stages of preparing for a host of TRID solutions to the financial services industry.

One of the largest challenges the Creditor is facing is the responsibility for the content of the Loan Estimate (LE) and the Closing Disclosures (CD). There are various timing components associated with the LE and CD, which requires the Creditor to work with multiple parties, including Title Closers, Closing Attorneys and Real Estate Agents to obtain the information they don’t normally have access to in order to maintain their compliance with the TRID requirements as the Consumer(s) must receive the CD 3 business days before closing.

The Cognops Plan B Portal operates independently from other loan origination software systems, the user types directly into screens that look just like the LE and CD or they can import their loan data directly from their loan origination system via MISMO XML file version 2.6 or later. Exports the amended MISMO XML file back to the loan origination system.

The Cognops Plan B Portal collaborates electronically with settlement agents for their required data inputs for the Loan Estimate and Closing Disclosure via simple email invitation. Settlement agent does not need any extra software. Settlement agent offered inputs can then be compared-accepted-rejected by the lender throughout the closing process with the decision(s) sent back electronically to the settlement agent.

1. Invite settlement agent to a mutual, intuitive workspace.
2. No initial setup required by the invitee.
3. Settlement agent can upload data and files from their system.
4. The creditor is in control and accepts or rejects changes.
5. Settlement agent notified when creditor accepts or rejects changes.
6. The workspace remains open until creditor closes it.
7. Creditor can submit or enter data to its LOS system to generate CD.
8. Log showing all changes for all related parties to the transaction, including Creditor, Closing Agent and Real Estate Agents.
9. No long term contracts.

The Plan B Portal delivers the integrated disclosures electronically in full compliance with all applicable E-SIGN Act requirements. The normal email delivery of the disclosures without borrower prior consent is not compliant. This e-delivery method can shorten the disclosure delivery periods by 3 business days. Their Plan B Portal allows collaboration with all parties simultaneously on each transaction.

About Cognitive Options Group, LLC.

Cognitive Options Group is based in Lakewood, CO and utilizes a variety of proprietary software tools to assist financial institutions determine if loans have been underwritten to compliance, risk tolerances, guideline and program requirements (Prime, Subprime, VA and FHA), and compliance with GSE, QM, TRID, federal, and state regulations. Cognitive Options Group also provides companies with operational, transactional, and professional compliance services.

We provide entire or specific outsourcing of risk management for our clients’ regulatory compliance function and its requirements. We provide a complete regulatory compliance program that includes risk assessments comprised of program development, implementation, and administration. We supplement our clients’ internal resources to discover, review and provide a Best Practices solutions to specific regulatory compliance issues. We serve as an independent assessor of mortgage compliance procedures, to identify challenges, and propose revisions to policy and procedures.

Cognops TRID Plan B services include a TRID Regulatory Expert Resource Desk, TRID Operational Services, TRID Post-Closing Variance & Changed Circumstance Audit and our Plan B Collaboration Portal Solution.

To facilitate our client’s success, we believe we must rigorously uphold our core values. We maintain these standards consistently so you can always trust that our teams are more than a collection of individual perspectives. They represent one mindset…that of Cognitive Options Group, LLC.

For more information on Cognitive Options Group, LLC please visit or call (720-370-9090).
Cognitive Options Group LLC
Michael S Richardson
Mary Howard 720.370.9090 X302