ACES Risk Management (ARMCO) has announced that it has added to and enhanced business user-friendly configuration functionality to its ACES Audit Technology solution. The additions enable servicers to standardize and easily modify compliance-critical questionnaires to follow when interfacing with borrowers amid the introduction of changing rules that are specific to servicing entities.
The new additions made to ARMCO’s ACES Audit Technology puts the ability to create and make changes to compliance questionnaires directly in the hands of businesspeople. Updated questionnaires can quickly be incorporated into the servicer’s internal policies and procedures that guide staff with how and when to communicate with borrowers and proceed accordingly.
“Now more than ever, servicers face an influx of new compliance rules and regulations from federal, state and GSE requirements that they must adhere to,” said Phil McCall, COO of ARMCO. “Due to an increasing spotlight placed on servicers, we enhanced the ease of configuration and self-sufficient change management capability to our platform, which now provides servicers with complete control to make changes in real-time to comply with the complexity of new rules.”
A comprehensive suite of new USDA program specific questions were also added to the servicing questionnaires. There is a wide array of requirements covered; including, but not limited to escrow administration of the annual fee, construction processing/repair escrows, and default processing. Clients can easily review and analyze question content additions and/or changes, discuss implementation needs with QC and business staff, and maintain questionnaire versioning records that can be provided on demand in the event of an external regulatory audit.