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

by Brian Arnesen | Aug 21, 2017
LAGUNA HILLS, CALIF., Aug. 21, 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 August 1-3 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; and
    •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.  
About QuestSoft®  
Laguna Hills, Calif.-based QuestSoft is a leading provider of comprehensive compliance software and services for the mortgage, banking and credit union industries. QuestSoft combines 20+ years of mortgage regulatory, CRA and Fair Lending compliance analytics, data management and software design expertise with best-in-class customer service to consistently improve client compliance accuracy and facilitate smoother regulatory audits. QuestSoft products, interfaced with over 40 LOS providers, enable more than 2,200 clients to simplify and speed the collection, analysis, compilation and reporting of key lending regulatory report data.  For more information, call 800-575-4632, ext 1, or visit www.questsoft.com.

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