LAGUNA HILLS, Calif.--(BUSINESS WIRE)--QuestSoft, the leading provider of comprehensive mortgage compliance automation, now offers its end-to-end mortgage compliance platform to more lenders nationwide through an integration with Associated Software Consultants, Inc.’s (ASC) PowerLender® loan origination system (LOS).
With Compliance EAGLE’s proactive loan compliance tools and capabilities, lenders using PowerLender can save time and avoid costly penalties by testing every loan for full adherence to national, state and investor rules and regulations both and pre- and post-closing. Compliance EAGLE automates the entire mortgage lending compliance process through a single platform, delivering increased speed, data integrity, and reporting capabilities. Additionally, as new regulatory guidelines are introduced to the mortgage industry, Compliance EAGLE automatically applies updates to maintain optimal compliance procedures.
“Compliance impacts every step of the mortgage process,” said John Liston, co-owner and director of product development at Associated Software Consultants. “Partnering with QuestSoft’s Compliance EAGLE ensures that our lenders can test every loan for adherence to the regulations at any step of the loan process, eliminating the need for costly changes to a loan post-closing for compliance issues.”
Lenders using PowerLender and Compliance EAGLE’s automated compliance rule sets 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 more regulations. Users can select the services, reviews and tests to administer and quickly view the results, gaining valuable insight on which services have passed or failed. Furthermore, QuestSoft's Compliance EAGLE software verifies and complies with federal, state, local consumer and high cost tests.
ASC’s PowerLender processes loans for primary and second mortgages, construction, HELOCs, personal, vehicle, energy and manufactured housing loans as well as nontraditional products for private banking and wealth management. Its system goes beyond traditional LOS technology by enabling growth while dramatically lowering costs.
“The constantly evolving regulatory environment of the mortgage industry makes automated compliance essential for a quality loan portfolio that improves asset profitability while reducing unnecessary risk exposure.” said Leonard Ryan, president of QuestSoft. “PowerLender’s integrations with Compliance EAGLE reduce the time and expenses associated with complex compliance processes. At the same time, their customers can trust the integrity of the data, thereby ensuring full compliance with the latest regulatory updates, applicable laws and secondary market guidelines.”
About Associated Software Consultants, Inc.
Associated Software Consultants, Inc. (ASC) designs and markets loan automation and secondary marketing software for use by mortgage lenders, community banks and housing agencies. ASC’s business strategy focuses on providing software and support services that enable lenders to improve the volume and quality of their business, streamline workflow and reduce costs. The company’s lending solutions enhance primary and secondary mortgage operations, improve overall profitability and better serve borrowers and other constituents. For additional information about ASC, visit the company’s Web site at www.powerlender.com.
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 2,500 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.