LoanLogics Enhances LoanHD Through New Audit Response Center – NMP Skip to main content

LoanLogics Enhances LoanHD Through New Audit Response Center
Jul 21, 2017
LoanLogics has announced the promotion of Craig Riddell to Executive Vice President, Chief Business Officer

LoanLogics has enhanced its LoanHD Loan Quality Management platform with an Audit Response Center (ARC) which enables mortgage lenders to address defects and conditions on loans immediately after each loan has been reviewed. The ARC also provides lenders with a compliance trail showing how each defect was addressed, so regulators and investors are able to clearly see what actions were taken.
The ARC allows the lender to auto-assign a respondent, or the person in the lender's organization who will submit rebuttals and clear loan defects, such as a missing document or an incorrect fee. The system configuration also identifies "responsible parties," or the people most responsible for the defect in the origination process.
The ARC includes a communication module that immediately notifies the respondent and the responsible party of defects discovered after a loan quality review. These notifications will also display responses from the auditor regarding the curing of conditions. The respondent will be prompted to log into the ARC portal to address all issues. Once resolved, the application automatically updates the LoanHD platform.
"With this enhancement to LoanHD, relevant parties in the loan process will find out quickly if there are any defects or conditions in a loan that need to be addressed," said Dave O'Malley, Director of Loan Quality Solutions with LoanLogics. "In addition, lenders will be able to track the progress of defect resolution and make sure the appropriate person in their organization responds to the issue or issues expeditiously."

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