LAGUNA HILLS, Calif.--(BUSINESS WIRE)--QuestSoft Corporation, the nation’s leading provider of automated mortgage compliance software, today announced it has added the ALTA Registry check to its growing list of Compliance EAGLE subscription services. The ALTA Registry functions as a searchable online database of underwriter-confirmed title agent companies, real estate attorneys and underwriter direct offices.
With this latest addition, Compliance EAGLE now provides a quick check against the ALTA Registry to help lenders confirm information on title agents, underwriters and real estate attorneys, which in turn helps protect them against wire transfer fraud, which has been growing considerably of late. Furthermore, the service assists lenders, as well as their vendors, title agents, underwriters and other participants in the closing process, to refine how they identify each other and communicate in a timely and consistent manner throughout the mortgage transaction.
“The ALTA Registry identifies a title vendor with unprecedented accuracy and is a great fit for real-time mortgage compliance,” says Leonard Ryan, President of QuestSoft. “This makes our results more accurate and further automates the range of verification checks Compliance EAGLE provides lenders. The ALTA Registry includes a unique ID that allows us and our lender customers to identify a title vendor without relying upon antiquated processes while at the same time solving decades old verification headaches.”
Because there had previously been no unique ID number used across the industry to help match provider records in different databases, communication has often been difficult and costly for the title industry and its customers. This challenge can also impact compliance and vendor oversight requirements as well as the need for collaboration throughout the transaction. The ALTA Registry addresses this by creating a unique 7-digit identifier -- the ALTA ID -- which is automatically assigned to each new database record as a permanent ID number and is never changed, reassigned, or reused.
Compliance EAGLE is the only digital compliance & risk management platform allowing mortgage lenders to check regulatory red-flags prior to funding. This includes Instant HMDA, Instant MCR, Flood PreCert, Secondary Market Saleability Review, LEF Review and Exclusionary List checks. Adding the ALTA Database brings another level of assurance to lenders.
“Compliance EAGLE relies upon good, clean data to provide lenders with pre-closing checks on TILA, QM, RESPA, exclusionary list, fraud reviews and other critical regulations,” added Ryan. “The ALTA Registry enhances this by ensuring that a title vendor's title insurance underwriters have confirmed their individual information before it is published in the ALTA Registry.”
Laguna Hills, Calif.-based QuestSoft is a leading provider of comprehensive compliance software and services for the mortgage, bank 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 software providers, enable more than 2,500 banks, credit unions and mortgage companies to simplify and speed the collection, analysis, compilation and reporting of key lending regulatory report data. The company’s software helped lenders submit over eight million error-free transactions to regulators in 2017. For more information, call 800-575-4632, ext. 1, or visit www.questsoft.com.