Genpact has announced that it has integrated QuestSoft's Compliance EAGLE into its Quantum Mortgage Operating System (MOS) to help loan originators (LOs) and lenders automate and streamline compliance reviews during the origination process. The integration with Compliance EAGLE will enable Genpact's Quantum users with the ability to check compliance and run reports throughout the loan process. QuestSoft not only provides compliance checks on national, state and local laws but also supports investor compliance guidelines. The software is fully integrated with Genpact's Quantum MOS, which reduces errors and improves accuracy, providing lenders a faster and lower cost option to ensuring successful loan origination and compliance.
"It is extremely difficult for lenders to keep up with every new regulation and law being passed at the federal and state levels," said Leonard Ryan, president of QuestSoft. "Integrating Compliance EAGLE into Quantum ensures that Genpact users are always in compliance with the newest regulations. Quantum's transparent data-focused software platform ensures that originators, closers and secondary marketers can all monitor the compliance status of the loan from the initial application through closing."
Genpact's Quantum MOS uses a data-driven approach to remove the silos between origination, closing and secondary marketing. The software platform combines automated decisioning and highly efficient processing, resulting in valuable data and insights for more accurate underwriting. The automated quality checking combined with Compliance EAGLE increases the pull through and lowers loan repurchases due to improper compliance.
Quantum MOS is also an integral component of Genpact's Mortgage Business Process as a Service offering (BPaaS), which includes Genpact's granular business process services, data analytics and mortgage domain expertise.
Compliance EAGLE evaluates loan files against a comprehensive suite of compliance regulations and standards, including the Home Mortgage Disclosure Act (HMDA), NMLS licensing, LEF reviews, RESPA fee tolerances, various exclusionary lists and flood determination requirements, in addition to 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.
"Having the ability to integrate compliance checks into the loan process in every step of the workflow enables enhanced risk transparency and reduced costs in collecting, analyzing and reporting potential issues before the loan closes," said Rob Pommier, vice president of Genpact Mortgage Services. "As a result, an investor will no longer have to wait until the loan is closed to ensure compliance, and that enhanced level of risk transparency enables all parties to maximize pricing and profit potential."
