ACES Risk Management (ARMCO) has announced the release of ACESXPRESS for Early Payment Defaults (EPDs) to bolster lenders’ existing audit programs in light of the recent increases in required monthly audit volume.
“With unemployment figures on the rise due to the COVID-19 pandemic, the industry is bracing itself for a sharp increase in the number of EPDs on recently originated loans. Furthermore, EPDs are one of the strongest indicators of possible mortgage fraud, the likelihood of which also increases as borrowers feel a greater sense of urgency to secure financing for their home purchase,” ARMCO
CEO Trevor Gauthier said. “ACESXPRESS for EPDs provides a turnkey platform for managing sudden volume spikes in EPD audits while maintaining compliance with audit requirements. Because the system can be implemented within a week, ACESXPRESS for EPDs also minimizes the burden typically placed on existing staff when onboarding a new system, thus enabling lenders to begin realizing its benefits sooner.”
ACESXPRESS for EPDs includes:
►Minimal setup requirements and the ability to configure within a week;
►Full product support from ARMCO;
►Pre-configured audits, including ACES IQ for conducting EPD reviews; and
►A library of standard report templates.