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QuestSoft Adds NMLS Mortgage Call Report Validation and Checks in Compliance EAGLE Platform

by Brian Arnesen | Aug 04, 2017

LAGUNA HILLS, CALIF., July 31, 2017 – QuestSoft’s Compliance EAGLE software platform has added new loan-level data checks and validation for Nationwide Mortgage Licensing System (NMLS) Mortgage Call Reports. This new functionality allows lenders to check for and correct errors and also display warnings during the normal loan funding cycle. The feature was announced to attendees at the American Association of Residential Mortgage Regulators (AARMR) conference taking place through August 3 in San Antonio, TX.

“There has been a dramatic increase in the cost to comply with regulations. One way we have found reduces these costs is to have people familiar with the loan data correct errors before the file moves on to the compliance department,” said Leonard Ryan, founder and president of QuestSoft. “QuestSoft’s Instant MCR, which is available with leading LOS platforms, enables users to ensure that NMLS guidelines are met at the time of loan origination so there are no surprises during the quarterly submission process.”

Instant MCR can check for a variety of error conditions while the loan is still being processed and before they become regulatory issues. Responses are returned within seconds and the use of the system indicates to state examiners the lender’s dedication to maintaining an accurate and efficient compliance management system.

In addition, when used in within the Compliance EAGLE platform, lending institutions are equipped with automated rule sets to perform ALL of the following tests within the same 30 second window: 

    - Identify and adhere to regulatory exceptions and guidelines, performing TILA/RESPA Integrated Disclosure (TRID) compliance

    - Qualified Mortgage/Ability-to-Repay (QM/ATR)

    - Instant HMDA checks for both current HMDA and the new CFPB HMDA

    - High Cost, Guaranteed Fee Tolerances

    - Title Fees along with Property & Transfer Tax calculations

    - Truth in Lending Act (TILA), Real Estate Settlement Practices Act (RESPA) compliance on nonTRID loans, federal, state and local consumer lending laws, Home Ownership and Equity Protection Act (HOEPA)

    - Office of Foreign Assets Control (OFAC), Social Security Number (SSN) checks, exclusionary lists

    - NMLS License verifications, among other tests. 
This speeds up the loan process and allows lenders to process digital mortgages with less training and disruption. For more information on QuestSoft, Compliance EAGLE and Instant MCR, go to www.QuestSoft.com/instantmcr.

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