QuestSoft, a provider of automated mortgage compliance software, has updated its Compliance EAGLE software with an upgraded data dictionary as the next step in helping lenders comply with the Consumer Financial Protection Bureau's (CFPB) 2015 integrated disclosure reform. The upgrade to Compliance EAGLE provides the data field framework for lenders to incorporate the upcoming Aug. 1, 2015, changes to the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). Lenders using Compliance EAGLE will be able to run pre-closing compliance tests on every loan to ensure that the new regulations—such as the disclosure waiting period—were correctly implemented. Upcoming upgrades to Compliance EAGLE will include testing environments to provide lenders with time to adjust operations prior to the August deadline.
"With Aug. 1 less than nine months out, our customers are already upgrading their compliance technology and preparing to begin testing their new operations," said Leonard Ryan, founder and president of QuestSoft. "With the recent and upcoming upgrades to Compliance EAGLE, our customers will be able to test their compliance engines well in advance of the new rule, providing peace of mind that their systems and staff are prepared."
Compliance EAGLE is a Web-based automated compliance engine that evaluates a loan file for adherence to the full range of mortgage lending regulations. QuestSoft consistently monitors new regulations and updates the software monthly to ensure compliance with newly enacted rules and regulations. They work closely with over 15 Loan Origination Systems to ensure seamless data transfer. Adherence to CFPB regulations is performed through Compliance EAGLE's direct integration capabilities, and is used by GSE's, in addition to lenders and mortgage investors nationwide.
