Compliance VERIFY Upgraded by QuestSoft
QuestSoft Corp. released major enhancements to its Compliance VERIFY software to help lenders satisfy the Consumer Financial Protection Bureau’s (CFPB) Ability-to-Repay (ATR) rule by providing users with full Internal Revenue Service (IRS) 4506-T and Social Security Administration (SSA-89) verification services, as well as electronic transcripts integrated into its Compliance EAGLE QM/ATR pre-funding solution. Compliance VERIFY provides a simple interface for ordering, collecting and organizing income and Social Security Number (SSN) verifications. QuestSoft can also accept e-signed 4506-T submissions with seven e-sign companies including: Communication Intelligence Corp. (CIC), DocMagic, DocuPrep, DocuSign, eSignSystems, IDS and Silanis. Additionally, a free software development kit is available for any loan origination software (LOS), document or pricing vendor to quickly integrate the services and automate ATR compliance directly into the processing workflow. “The ATR rule has placed unprecedented pressure on lenders to achieve compliance, quickly and efficiently,” said Leonard Ryan, president of QuestSoft. “Compliance VERIFY automates the ATR process, organizes and tracks IRS requests, and includes e-signatures; simplifying the process for users and offering the option of a paperless workflow.” Ryan also said that integration of transcript information directly into the Fannie Mae Form 1084 for self-employed borrowers will be made available at no additional charge before year-end. Further enhancements that provide advanced multi-year analysis of tax returns is currently slated to be added to the product pursuant to lender interest.