Skip to main content

ARMCO Upgrades Its ACES Audit Technology

Jun 07, 2018
ACES Risk Management (ARMCO) has announced that it has added questionnaires related to the Home Mortgage Disclosure Act (HMDA) to the ACES Intelligent Questionnaire (ACES IQ) functionality

ACES Risk Management (ARMCO) has announced several product enhancements that improve the mortgage quality control (QC) process for lenders and servicers using its auditing platform ACES Audit Technology.
 
The two principal enhancements of this upgrade include identification of exception root causes and expanded auto-response capabilities for ACES. These functions use automation to significantly reduce the number of skilled labor hours it takes to achieve quality goals and identify areas that would benefit from proactive corrective actions.
 
“Identifying root causes of defects is critical to an effective mortgage QC process because it enables lenders to move from reactive corrections to proactive policy creation,” said Phil McCall, President of ARMCO. “By automatically identifying root causes, ACES saves lenders months of reactive risk management, as well as the hours and hours of manual analysis it would normally take to identify the root cause.”
 
ACES’ enhanced auto-response capabilities automatically generate answers to questions and scenarios that trigger loan defects. Utilizing the multitude of data points within the ACES platform, ACES automatically conducts field-to-field comparisons of relevant loan data and can perform complex math equations, as is needed in cases involving loan eligibility and regulatory compliance. The ACES technology systematically determines the proper answer to the scenarios in question. This not only saves time, but also increases accuracy and consistency in the loan review process.
 
“Automation and analytics will play increasingly greater roles in the mortgage QC process, and as with this upgrade, ARMCO will be leading the way in bringing these advances to the mortgage industry,” said McCall. “Our clients rely on us to assure the highest quality through the greatest process efficiency. Our regular enhancements reinforce our dedication to reducing risk in the mortgage process by leveraging technology.”


 
About the author
Published
Jun 07, 2018
More from
Tech
Angel AI Launches Free Credit Repair

Angel Ai declared June 24 as Your Financial Independence Day in a press release

Jun 24, 2024
Figure Launches TBA Market For Non-Agency Loans

Currently handling only HELOCs, Figure Connect has new products coming soon, says Chief Capital Officer.

Jun 12, 2024
Fidelity National Financial Names Jason Nadeau As Chief Artificial Intelligence Officer

Nadeau joined Fidelity National Financial in 2018, serving as Chief Digital Officer

May 23, 2024
Planet Home Lending Welcomes New Executive Vice President And Chief Information Officer

Bill Shuler brings a diverse background in IT leadership and mortgage consulting to the role

May 21, 2024
Automation Attracts Investors Who Love Homogenous Loan Pools

Human-free underwriting promises to expand primary and secondary, non-agency markets

May 02, 2024
Empowering Mortgage Professionals With An AI Homebuying Marketplace

Faster time to close on transactions

Jun 18, 2024