PCLender.com has announced that it has extended the compliance functionality of InHouse Mortgage, its comprehensive loan origination software (LOS), to further assist lenders in complying with the disclosure of fee requirements included in the Real Estate Settlement Procedures Act (RESPA). With its latest announcement, PCLender.com continues in its tradition of staying at the forefront of offering innovative mortgage lending solutions that are compliance-focused. PCLender.com is a leading provider of enterprise Web-based mortgage software and mortgage lending technology solutions for mortgage companies, credit unions, and community banks.
New federal governmental regulations that became effective January 2010 require lenders to monitor annual percentage rate (APR) changes and re-disclose any adjustments greater than .125 percent. This action is necessary even if there was no change to the initial loan program or fees, such as adjustments to mortgage insurance or a slight change to the adjustable-rate mortgage (ARM) index. The recent enhancements to PCLender.com’s InHouse Mortgage software provide new features and functionality within its Fees and Disclosure History screens. This eliminates much of the guesswork around what required actions, if any, are needed for the user and provides customers with a more intuitive user experience.
Also, within the InHouse Mortgage software a new RESPA feature was added to the Fee Edit screen that displays all the related details surrounding a fee, including indicating a changed circumstance for the fee. To provide more detailed information to the user, an Event Date tab was added to the Disclosure History screen that reflects the most recent reason for disclosure or re-disclosure. Other features were expanded including the HUD-1 Compare Value, Disclosure Value and Actions capabilities.
“We strive to provide the mortgage industry with innovative loan origination software that is easy to use, efficient, compliance-focused, and stays ahead of today’s ever-growing regulatory mandates,” said Cy Brinn, chief operating officer of PCLender.com. “Our latest advancements in InHouse Mortgage provide mortgage bankers and financial institutions with straightforward automation to use to comply with RESPA’s fee disclosure requirements without feeling overwhelmed in the process. Our new RESPA capabilities remove the hassle for lenders in determining if they’ve taken the appropriate action to meet current mandates and regulations.”
PCLender.com’s LOS, InHouse Mortgage, is an easy-to-use, Internet-accessible mortgage software system that can be tailored to a lender’s business process and workflow. Standard implementation is fast, well defined, and affordable and a company's data is securely hosted, eliminating the need for additional technology hardware and service expenditures. .Available in three separate modules, InHouse Mortgage can meet the unique needs of lenders of all sizes and types.
Helping customers stay compliant is a priority for PCLender.com. PCLender provides a Compliance Requirements Summary matrix that details 20 compliance issues that have emerged as business fundamentals for organizations. Included in the document are the new Good Faith Estimate (GFE), appraisal rules (HVCC), and the Mortgage Disclosure Information Act (MDIA). For each of the 20 items, readers will find specific regulations, a clear description of the related issue, lender requirements, and specifically how PCLender.com loan origination software can assist customers in staying compliant.
For more information, visit www.pclender.com.
