TRID TRIVIA Game Shows More than 30% of its Mortgage Industry Players Are Guessing the Wrong Answers
Avoid the Non-Trivial Costs of Non-Compliance by Engaging in Training Now Said PHONIZE SVP e-Learning Ginger Bell
San Francisco, Calif. July 21, 2015 – Phonize, Inc., developer of Morf Learning digital compliance training, today announced its new Trivia game helps check understanding of the major changes outlined in the TILA-RESPA Integrated Disclosure rule issued by the Consumer Financial Protection Bureau (CFPB). Results of the daily TRID TRIVIA game show that 30 percent of its players on average are guessing with the wrong answers. Ginger Bell, SVP-eLearning at Phonize, stated that this result points to the need for mortgage lenders, real estate agents and title and escrow professionals to get the training they need to understand the regulatory changes.
“When more than 62% of those questioned do not know the correct definition of business day for the Loan Estimate, for example, we have a problem,” said Bell. “Now that the Consumer Financial Protection Bureau announced a final on the deadline today for meeting TRID compliance, it’s time to take action. The Morf Learning digital TRID course provides the training to help you avoid the ‘Gotcha’s that will Getcha’—the penalties of non-compliance.”
Penalties for Non-compliance
The costs for non-compliance are not trivial. According to the CFPB, penalties for violations are now assessed per day and it is important to have a comprehensive plan in place for compliance. Violations are as follows:
“Knowing” violations—$1,000,000 per day
“Reckless” violations—$25,000 per day
Other violations—$5,000 per day
“Morf Learning is designed to address TRID details,” said Bell. “Already in use by many of the leaders in mortgage banking, Morf Learning is fun, fast and mobile and allows you to perform at your best.”
Morf Learning is the first mobile game-like compliance training platform with a complete TRID training curriculum, designed by Bell and leading industry partners. It’s available as a complete course for $25 until October 3, 2015
Detailed Course Overview:
· Overview of the new TILA/RESPA rule
· How these changes will dramatically lengthen the sales timelines
· Positive changes for mortgage brokers and disclosures
· Pre-application requirements and what this means for the pre-approval process
· Application strategies
· Imposing Fees: what, when and how
· Increased mandatory waiting periods
· Rule changes regarding the definition of “Business Days”
· Delivery receipt confirmation for different delivery methods
· Required change tolerances, limitations and timeline impact
· Pro-active planning to incorporate these changes
· How to educate the community on what to do about these changes.
To learn more about Morf Learning TRID compliance course, contact Heidi.email@example.com or call (571) 201-0579.
For more, please visit www.morflearning.com
- Twitter @morfmediainc
- LinkedIn: www.linkedin.com/company/morf-media
About Phonize, Inc.
Phonize, Inc. is shaping the future of enterprise compliance training for the mobile workforce. For the first time, a digital compliance training system, Morf Learning™, provides one to one training to millions on a smart phone or tablet. Now in pilot with more than 100 major companies in the financial services and life sciences industries, Morf Learning is proving to be cost-effective and engaging. Morf Learning delivers three-minute mini lessons with a personalized Virtual Coach™ developed using the Octalysis framework designed by world-renowned gamification leader, Yu-Kai Chou. The platform empowers professionals to train, reference policy details and get compliance training reminders on the go. Morf Learning offers secure centralized reporting on an individual’s progress, course completion and other behavioral data. The platform includes a library of certified courses, and offers an easy to use built-in authoring solution for rapid development and deployment of custom, company-specific policies and alerts. Founded in 2013 by a seasoned management team, the company is based in San Francisco. For more information, please visit www.phonize.com.