LoanScorecard, a leading provider of automated underwriting and compliance solutions, recently announced that its automated underwriting system (AUS), Portfolio Underwriter, has integrated with QuestSoft’s Compliance EAGLE software platform.
Compliance EAGLE, QuestSoft’s flagship software, provides lenders with automated review tools to evaluate loan files for adherence mortgage lending regulations, according to a press release. Such regulations include Ability-to-Repay (ATR)/Qualified Mortgage (QM) requirements, the TILA-RESPA Integrated Disclosure rule (TRID), the Home Mortgage Disclosure Act (HMDA), the Community Reinvestment Act (CRA), flood determination requirements, NMLS Call Reporting and state, consumer and local lending laws.
“Portfolio and non-QM are key to differentiating yourself and rapidly growing your mortgage business in today’s lending landscape. Increasingly, lenders must employ integrated, automated technology to save time, costs and reduce errors,” LoanScorecard Executive Director Ben Wu said in the release. “We’re pleased to partner with QuestSoft to provide their customers with access to our AUS from within their compliance software—speeding up the loan origination process and at the same time, ensuring fast, consistent, unbiased credit policy application to better serve borrowers and demonstrate Fair Lending.”
LoanScorecard’s automated risk management solution is integrated with popular loan origination systems such as Black Knight Empower, Byte Mortgage Software, Calyx Point/PointCentral, FICS, Fiserv, LendingQB, OpenClose and more. These interfaces are designed to enable banks, credit unions and other financial institutions to leverage QuestSoft’s integration with their LOS to access Portfolio Underwriter quickly and easily, minimizing start-up time.
“We designed Compliance EAGLE to automate the entire mortgage lending compliance process in a single system,” QuestSoft President Leonard Ryan said. “Portfolio and non-agency lending is making a strong comeback and our customers require automated tools to safely lend and scale this growing area of business. Our integration with LoanScorecard’s Portfolio Underwriter allows our clients to gain confidence that the loans they are originating are compliant from a Fair Lending and QM perspective.”
With the addition of Portfolio Underwriter, lenders that use Compliance EAGLE will be able to automate underwriting for their portfolio loans and manage exceptions based on valid compensating loan factors rather than loan officer discretion. Results of the decisions are documented in an in-depth findings report, which includes the program-specific conditional underwriting criteria used in the data analysis, the release states. This data is seamlessly exchanged between Portfolio Underwriter and Compliance EAGLE, eliminating rekeying.