Randolph Savings Bank is Primed for TRID

November 30, 2015

Randolph Savings Bank is proud to unveil PRIME, its unique mortgage process designed to deliver a superior mortgage experience to its borrowers.

PRIME, which stands for Presenting Randolph’s Ideal Mortgage Experience, was conceived in anticipation of TRID, a set of regulatory changes which applies to most closed-end borrower credit transactions secured by residential real estate. The new TRID regulations took effect October 1, 2015.

“The Randolph Savings Bank mortgage lending team has built its reputation on our ability to deliver industry-leading turn times,” states Ryan Kirwin, Randolph’s Senior Vice President Retail Lending. “It is crucial that we maintain that standard of delivering a 30-day close despite the regulatory changes affecting the industry.”

Randolph’s PRIME process streamlines the borrower’s experience in obtaining a mortgage loan to purchase a new home. PRIME clearly identifies all the key players in the transaction, while establishing accountability for achieving crucial milestones. PRIME also delivers a clearly detailed timeline, which is essential in order to achieve a 30-day close.

“There are many people who say that the new regulations make a 30-day close impossible, but we don’t believe that’s the case,” explains Kirwin. “We’re already seeing evidence that PRIME works. In October, we’ve seen how our mortgage process results in a 30-day close, despite the additional steps mandated by the new regulations. We’re excited to be able to provide our customers with a mortgage experience that’s efficient and timely – and with clearly defined expectations for all of the key participants, every step of the way.”

The PRIME process will be utilized by each member of the Randolph Savings Bank lending team. To learn more about obtaining a mortgage loan with Randolph Savings Bank, visit Randolph Savings Bank – Mortgage.