As mortgage compliance becomes more complex, QuestSoft, a leading provider of comprehensive mortgage compliance automation, recently partnered with Specialized Data Systems (SDS) to offer end-to-end digital mortgage compliance. The partnership integrates QuestSoft’s flagship software, Compliance EAGLE, with SDS’ loan origination system (LOS) RemoteLender, a press release states.
The integration is intended to help lenders save time and avoid costly penalties by allowing them to test every loan for full adherence to national, state and investor rules and regulations, both pre- and post-closing.
“Lenders need trustworthy, easy-to-use systems to ensure every loan meets every regulation on the books,” SDS President Marc T. Riccio said in the release. “Through our integration with QuestSoft, we offer our lenders a state-of-the-art system for quickly and easily taking the pain out of all types of mortgage compliance in the digital world.”
Compliance EAGLE provides RemoteLender users with automated compliance rule sets that can automate the screening of loans for adherence to Ability-to-Repay/Qualified Mortgage (ATR/QM), Home Mortgage Disclosure Act (HMDA), Home Ownership and Equity Protection Act (HOEPA), Office of Foreign Assets Control (OFAC), Social Security Number (SSN) checks and additional regulations. Users can select the services, reviews and tests they need to administer and quickly view the results, gaining insight on which services have passed or failed. Furthermore, QuestSoft's Compliance EAGLE software is designed to verify and comply with federal, state, local consumer and high cost tests, the release continues.
RemoteLender is a customizable LOS which encompasses all loan types within one platform from point of sale to closing. This all-in-one loan origination software uses rules-based technology to provide the flexibility and configurability needed to create a system that will grow with the needs of an institution.
“Lenders require a system of record that takes the risk out of ensuring compliance while being simple to use at the same time,” QuestSoft President Leonard Ryan said. “RemoteLender’s integration with Compliance EAGLE provides that peace of mind and usability with one solution that ensures full compliance with the latest regulatory updates, applicable laws and secondary market guidelines for digital and traditional mortgages alike.”