As compliance regulations escalate, the latest Consumer Financial Protection Bureau (CFPB) guidelines pose ever greater concern for lenders. QuestSoft’s Compliance EAGLE enables LendingQB customers to maintain data integrity and uphold compliance throughout the loan origination lifecycle by providing loan-level reviews prior to closing. The platform also allows lenders to enhance data collection and reporting capabilities by easily generating reports for investors, auditors and executives. Additionally, the software enables customers to minimize compliance errors and reduce risk while optimizing performance and ensuring that high levels of accuracy are met from start to finish.
"The partnership with QuestSoft was driven by customer demand, and we decided an integration would help us maintain the best compliance standards in the industry," said Chris Anderson, chief business development officer for LendingQB. "The challenges imposed by today’s regulatory environment create the need for quality compliance that can be carried out on all levels. Compliance EAGLE offers a suite of automated and comprehensive compliance tests that give our customers the technology they need to remain compliant at all times."
Compliance EAGLE is designed to completely automate the compliance process and help vendors uphold the strict guidelines of today’s regulatory environment. The system allows lenders to utilize a full suite of enhancements, including increased speed and heightened data integrity. Additionally, the platform evaluates loan files against Real Estate Settlement Procedures Act (RESPA) fee tolerances, Truth in Lending Act (TILA) and Qualified Mortgage (QM) to name a few.
LendingQB is a highly-configurable platform that is designed to operate as an error-free and efficient LOS provider for lenders. In addition, LendingQB’s software was designed to manage all stages of the loan origination process. The web-based LOS provides an easy-to-use loan origination product to banks, credit unions and lenders, with the capacity to cut technology costs up to 50%.
"In today’s heightened regulatory environment, it is vital that lenders make the necessary changes to remain in compliance and meet all local, federal and state regulations," said QuestSoft’s Steve Butler, senior vice president of business development. "QuestSoft’s integration with LendingQB opens up our simple, automated compliance checks for more lenders during this time of industry reform. Compliance doesn’t have to be complex, and LendingQB lenders will be able to better focus their staff on activities that help the bottom line."
