MortgageDashboard, an on-demand loan origination system enabling straight-through, paperless mortgage processing for lenders, credit unions and banks, has announced the addition of Compliance Alerts or “C-Alerts” to its cloud-based loan origination system. “This new functionality makes it very easy for lenders to remain in full compliance and to know exactly when anyone inside their organization deviates from the requirements,” said Jorge Sauri, chief technology officer of MortgageDashboard. “By combining the on-screen alerts with the audit trail, banks can be assured that loan officers are meeting all investor and regulatory requirements and loan quality is exactly where they need it to be.”
C-Alerts work by flashing a message across their proprietary “communication bar” within the LOS whenever any action relating to the loan takes the deal out of compliance. Lenders can set their own triggers, but most are already included in the software to catch statutory requirements. Examples of triggers include checking the interview date for compliance with the three-day disclosure rule and making sure the interest rate doesn’t change by more than an eighth of a percent without re-disclosing.
Once an alert is triggered, the software automatically takes the loan officer to a notification page where they can clear the alert and bring the deal back into compliance. An audit trail automatically logs their action for management review.
“The best part is that our system is designed to grow and adapt right along with compliance changes,” said Rene F. Rodriguez, chief executive officer of MortgageDashboard. “When there is a change, our clients can set up their own compliance triggers to ensure they remain compliant. No more waiting for system upgrades or having to purchase new versions. Our clients love it!
"Our software makes it very difficult for a loan officer to make costly mistakes,” Sauri said. “It ensures compliance. Managers in larger organizations need this level of support if they hope to control compliance in today’s environment. This new functionality will let them sleep at night.”
For more information, visit www.MortgageDashboard.com.