QuestSoft, a provider of mortgage compliance software for lenders, has added La Jolla, Calif.-based ClosingCorp’s SmartGFE service to Compliance EAGLE, an end-to-end, automated compliance review solution. The integration of SmartGFE into Compliance EAGLE ensures that fee amounts in Good Faith Estimates (GFEs) produced by integrated loan origination and document software will be accurate and in compliance.
The addition of SmartGFE to Compliance EAGLE enhances a lender’s automated compliance review process by streamlining the generation and compliance of GFEs. SmartGFE imports data directly from the loan origination software and incorporates that data into Compliance EAGLE’s automated reviews to eliminate manual data entry, save time and reinforce strong compliance processes.
“In this constantly changing regulatory climate, lenders want proven applications to help them meet compliance requirements,” said Paul Mass, president of ClosingCorp. “Our partnership with QuestSoft will improve lenders’ efforts to provide accurate and timely data to consumers while also giving them the peace of mind that they are in compliance.”
ClosingCorp’s SmartGFE combines a company-backed compliance guarantee with instant access to real-time pricing data for title insurance, settlement services and GFE Block 6 data as well as local transfer taxes and recording fees. The SmartMonitor Alert feature automatically notifies lenders or brokers of any changes in transfer taxes or recording fees prior to closing, giving them time to re-disclose.
Compliance EAGLE tests loan applications against an extensive library of compliance standards and regulations, 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 lending laws. The stringent compliance testing process generates reviews widely accepted by many in the secondary market investing community.
“The partnering of Compliance EAGLE with SmartGFE, removes the stress of keeping up with the ever-changing list of rules and regulations at every level of government, while giving lenders the peace of mind that all of their documents and data meet any and all areas of compliance,” said Leonard Ryan, president of QuestSoft. “This commitment to provide lenders with the most accurate, up-to-date and fully compliant lending information is reaffirmed with the joining of QuestSoft’s Compliance EAGLE and ClosingCorp’s SmartGFE.”
