ComplianceEase has announced that it has launched DecisionMonitor, a tool that helps lenders resolve common compliance issues more quickly, reducing Compliance Department backlogs and expenses, while accelerating loan decision-making.
Used in conjunction with ComplianceAnalyzer with TRID Monitor, DecisionMonitor helps reduce costs by decreasing the number of failures that would typically be escalated to a lender’s Compliance Department. The system provides users with detailed instructions on how to resolve common issues in ComplianceAnalyzer audit findings. DecisionMonitor can also identify change of circumstances issues, reducing the risk of refunds and buybacks. In addition, the system tracks all fees being charged and allows lenders to configure detailed monitoring.
ComplianceEase works with each lender to analyze their audit data and identify their most frequent errors and then develops customized resolution responses. DecisionMonitor can be implemented on a turnkey basis usually within weeks and without internal IT involvement.
“Today, all loans with a violation—big or small—get escalated to Compliance Departments, which are overburdened by a large backlog of time-consuming manual reviews,” said Sanjay Tibrewal, Vice President of Product Management at ComplianceEase. “In addition, resolution attempts are time consuming and not always consistent. To address these client pain points, we developed DecisionMonitor. This advance technology helps not only identify common errors, but also instructs the user on how to correct the defect in real-time—freeing up time for Compliance Departments to review more complicated issues.”
