QuestSoft, a provider of mortgage compliance software and services for lenders, has integrated its Compliance EAGLE platform with OpenClose’s loan origination software (LOS), LenderAssist, to automate the preparation and submission of loan data for the new state exam procedures. As lenders begin preparing for the new multi-state lending exams, the new QuestSoft/OpenClose partnership will significantly ease the pressures upon lenders to remain compliant.
Administered jointly by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), the multi-state exams for state-charted lenders began in January, with most states rolling out the exams later this year. Part of the new exam process requires lenders to submit a standardized Licensee Examination File (LEF) as required by regulation or upon request of state examiners. Compliance EAGLE, which is LEF-certified through RegulatorConnect, enables LenderAssist users to easily test loan files for compliance with federal, state and investor regulations and guidelines.
“Staying abreast of every new regulation and law being mandated at the federal and state levels is overwhelming at best,” said Leonard Ryan, president of QuestSoft. “Lenders using Compliance EAGLE can focus their attention on closing loans and addressing those loans that flag alerts for possible non-compliance, instead of wasting hours trying to format data files or manually comb through portfolios.”
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), and federal, state and local consumer and predatory lending laws. Additionally, Compliance EAGLE’s reviews are widely accepted by many secondary market investors.
“Complying with both regulatory and investor demands is the top concern for lenders,” said J.P. Kelly, president, OpenClose. “QuestSoft’s Compliance EAGLE ensures that our customers will be able to easily test every loan for compliance with state regulations and prepare the LEF for submission to the regulators from data retrieved directly from within our software.”
LenderAssist provides a full range of mortgage banking functionality, from origination document imaging, underwriting, secondary marketing, shipping and accounting, and post closing software. The software is 100 percent Web-based and provides the individual user with all the tools they need for efficient mortgage operations.
For more information, visit www.openclose.com or www.questsoft.com.