LendingSpace, a provider of mortgage technology solutions, debuted its automated solution that meets National Mortgage Licensing System (NMLS) Mortgage Call Report implementation requirements mandated by the federal SAFE Act. The Automated Mortgage Call Report function is among a full array of compliance solutions that comprise ComplianceOne, the suite of compliance-related technologies built into the LendingSpace end-to-end, loan origination system (LOS).
"The deadline for implementing and submitting the Mortgage Call Report is imminent, and lenders who find themselves using a patchwork of their existing technologies to meet requirements will spend a great deal of time and resources to ensure impeccable compliance," said Ravi Varma, chief executive officer of LendingSpace. "With a click of a mouse, the Automated Mortgage Call Report function in our ComplianceOne suite gathers the information from the loan origination system, and formats it so that it's ready for transmission to federal and state agencies. We are pleased to be first-to-market with a solution that so thoroughly resolves this compliance issue, while meeting the business need to control expenses."
LendingSpace technology is built by a team that includes both mortgage professionals and compliance experts who have in-depth understanding of the compliance challenges today's firms face. The forward-thinking company has developed its ComplianceOne suite to provide first-to-market, superior solutions that address current and future challenges, such as loan officer compensation and appraisal management.
"In today's highly regulated environment, it is imperative to seek out technology providers who appreciate the complexities of compliance and work to seamlessly integrate technology and compliance," said John Socknat, partner in the Mortgage Banking Group in Patton Boggs LLPs Washington, D.C. office. "A technology solution designed in that fashion is much more likely to be comprehensive: built with special knowledge of the array of regulations involved, and their impact on operations."
