According to QuestSoft’s seventh annual compliance survey, 18.6 percent of mortgage lenders are reevaluating their current loan origination software (LOS) platform. This indicates stabilization from last year, dropping only 0.1 percent from the 18.7 percent seeking a change in the 2012 survey. QuestSoft, a provider of mortgage compliance software, has tracked the number of lenders seeking an LOS change since 2007. The percentage of lenders considering an LOS change hovered around ten percent until 2011 when the percentage spiked to 17.75 percent and continued to climb to 18.7 percent in 2012.
“As the mortgage industry continues to recover and stabilize, software companies are able to offer better-suited platforms that are quick to update with every regulatory change,” said Leonard Ryan, president of QuestSoft. “Compliance functionality is now regarded as a top priority among lenders with consistent guideline modifications and looming implementation dates to meet. This year, lenders will review their current LOS platform and potentially seek other options that place compliance as a principal concern.”
QuestSoft currently integrates with more than 40 LOS platforms. The LOS systems integrated with QuestSoft’s flagship product, Compliance EAGLE, are able to provide a simple interface that automates the evaluation of a loan file against a comprehensive suite of more than 300 federal and state compliance regulations, representing more than 10,000 pages of standards.