PathSoftware recently announced that Path, its highly-configurable, multi-channel, cloud-based mortgage loan origination software (LOS), has been integrated with ComplianceAnalyzer with TRID Monitor from ComplianceEase, an automated compliance solutions provider for the financial services industry.
The integration lets Path users automatically audit loans for regulatory compliance violations using ComplianceAnalyzer with TRID Monitor — without leaving the LOS, according to a press release.
ComplianceAnalyzer with TRID Monitor can check for any changes in terms and fees throughout the origination and closing processes in real-time, audit tolerance across all disclosures and changed circumstances and track post-consummation disclosures, including those with a cure to the borrower, the release states. Additionally, ComplianceAnalyzer with TRID Monitor performs audits for federal high-cost and higher-priced loan regulations, the Secure and Fair Enforcement for Mortgage Licensing Act, state high-cost and anti-predatory regulations and state license-based consumer lending laws and regulations. It also can perform audits for compliance guidelines from secondary market investors and the government-sponsored enterprises.
Path was designed to simplify and streamline mid- to enterprise-level, multi-channel loan origination. All loan data, lock data, products, pricing, automated underwriting system findings, loan estimate and closing disclosure documents emanate and are reconciled within one system. In addition, the LOS’s configurable workflows, with role-based functionality, provide visibility into every loan at every stage—so financial institutions can ensure their business rules are followed.
“We developed ComplianceAnalyzer with TRID Monitor to deliver in seconds comprehensive loan-level compliance reports supported by detailed regulatory and cure analyses, exception tracking and reporting,” ComplianceEase Senior Vice President Dan Smith said in the release. “Our integration with Path will allow us to help more lenders improve efficiency, as well as give them greater confidence in the loans they’re originating.”
“Having the ability to automatically audit loans at every step in the origination, closing and post-closing process is vital in today’s ever-changing regulatory environment,” PathSoftware Director of Sales and Support Doug Mitchell said. “We’re pleased to partner with ComplianceEase to help our financial institution clients improve loan quality, reduce compliance risk and capture the data needed to prepare for regulatory exams.”