QuestSoft, a provider of mortgage compliance software and services for lenders, will integrate its Compliance EAGLE platform into Greenwood Village, Colo.-based Blueberry Systems‘ RELAY loan origination software (LOS). The partnership improves data integrity by eliminating the need for users to properly identify and port the correct data between the two systems, enabling a seamless method for ordering and processing compliance reviews.
RELAY incorporates Compliance EAGLE’s automated compliance reviews into a single data stream, enabling lenders to analyze loans immediately for compliance with regulatory, investor or organizational standards. The addition of Compliance EAGLE enables RELAY users to complete multiple compliance reviews and reduce the need for manual compliance processes and data entry.
“The most important thing lenders need, especially in a compliance integration, is superior accuracy and data integrity,” said Wil Armstrong, chief executive officer of Blueberry Systems. “QuestSoft’s Compliance EAGLE incorporates a more complete data set than other systems to test for regulatory and investor rules. We need to make sure our customers can comply not only with secondary market reviews but also the regulators’ requirements. The decision to integrate was easy because QuestSoft’s Compliance EAGLE does both.”
Compliance EAGLE evaluates loan files against a comprehensive suite of compliance regulations and standards, including the Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA) and flood determination requirements, as well as the Truth-in-Lending Act (TILA), federal, state and local consumer and predatory lending laws. Additionally, Compliance EAGLE’s reviews are widely accepted by many secondary market investors.
Blueberry System’s RELAY platform combines the compliance tests with its Data Audit Framework that allows lenders to create sophisticated business processes using a dynamic and user-defined business rules engine that automatically enforces business and workflow rules. If the findings are out of regulatory, investor or organizational tolerance, the loan can be halted and dealt with appropriately.
“It is a very different lending environment these days," said Leonard Ryan, president of QuestSoft. "The legislation is very fluid and the Secondary Market will only purchase high quality loans. If an LOS or compliance tool doesn’t have the capacity to accurately process a lender’s loan data to these demanding standards, institutions will have a tough time in the new lending environment. Because of Blueberry’s and QuestSoft’s exceptional commitment to data integrity, the RELAY and Compliance EAGLE integration accurately imports lender’s data and takes away the stress of keeping up with the constant changes to these regulations. This provides lenders with the peace of mind that every loan meets the required standards before closing.”
For more information, visit www.BlueberrySystems.com or www.questsoft.com.