StartSAFE addresses SAFE Act requirements by providing banks a turnkey solution consisting of SAFE Act training for mortgage loan originators (MLOs); SAFE Act policy and procedure templates; and the web-based StartSAFE solution for automated submissions to the Nationwide Mortgage Licensing System (NMLS) and registry, tracking of MLO initial submission data and updates, and secure archival and off-site storage of MLO data and NMLS submissions.
StartSAFE will be a part of TriComply, TriNovus’ suite of products designed to provide community banks solutions to aid in compliance with new and changing banking regulations.
The SAFE Act requires that all MLOs register in a national registry and provide the registry information about themselves. The regulation also places significant responsibility on banks that employ MLOs requiring among other things for them to establish procedures and tracking systems for monitoring registration and renewals and to develop educational programs for MLOs covering registration requirements.
Also currently part of TriNovus’ TriComply product suite is BankRISK, its stress testing and risk management solution for assessing loan portfolio risk. Additional compliance solutions are currently in development.
David Brasfield, president and CEO of TriNovus, said: “With compliance there is always something new that the banks need to do. It is our goal that TriNovus’ TriComply product suite will offer solutions that enable community bankers to respond to new regulatory requirements as efficiently and cost effectively as possible. StartSAFE is one of many such products that we plan to introduce to the market.”
