Understanding The News: Credit Unions and Community Banks Search For Answers

*Don’t Credit Unions and Community Banks Deserve Help, Too?*
**Talking Loan Quality**

***As more community banks and credit unions beef up their mortgage presence, they need help. Mortgage isn’t their specialty and with all the new rules and regulations, it’s not easy. As a result, we are seeing new technology tools hit the market specifically designed to help this group. For example, PROGRESS in Lending has learned that Aklero Risk Analytics, a provider of automated data and document validity assurance, has unveiled DQx Scan, designed to meet the quality control needs of small lenders; particularly, community banks and credit unions.

****“The aim is to provide these financial institutions with the same quality control capabilities that we provide to the largest lenders and investors,” said Brian K. Fitzpatrick. “They want fast, efficient, high-quality services and that’s what DQx Scan delivers to them.”

****The lender scans the loan documents, names the file, hits send and delivers the documents securely to Aklero, which classifies the documents and extracts critical loan data. An automated deficiency detection analysis is performed on both the documents and the data, before performing the most comprehensive and accurate quality control audit in the industry. In addition, Aklero will provide the scanner to the client.

****“With DQx Scan files never leave the lender’s premises, the files go securely into our platform to begin the classification of loan files, extraction and validation of key data elements, a process that is completed within 24 hours,” said Fitzpatrick. ”Depending on the needs of the lender, Aklero can perform quality control for specific functions such as pre-closing or at any point in the mortgage life cycle.”

****If the lender does not have their files previously scanned, DQx Scan eliminates the hassle of delivering loan files for audit. The solution reduces the time that the quality control process requires, saves money, and provides the most accurate and detailed quality control in the industry, because it validates data from source systems to the data contained in the documents, in a highly automated fashion.

****“These smaller institutions had few options for quickly delivering loan files for audit until now,” said Fitzpatrick. “DQx Scan ensures that smaller institutions will be able to eliminate the security issues and time consumption concerns with delivering loan files for audit.”