One LOS Takes Compliance Seriously

*One LOS Looks To Ensure Compliance*
**By Tony Garritano**

TonyG***Let’s face it, every lender is afraid of the new rules coming in January. As a result, Mortgage Builder, a provider of loan origination and loan servicing software systems (LOS and LSS), announced at our Third Annual ENGAGE Event significant upgrades to Architect, its flagship LOS platform. Architect was introduced late in 2012 as the newly named and re-architected version of the classic Mortgage Builder LOS, an industry favorite since its introduction in 1998. Here’s what they said:

****The upgrade, the second since its release, contains significant enhancements to address upcoming compliance requirements that go into effect at the start of 2014. Among the multitude of enhancements, the release includes additional screens and automation to address point and fees testing, ATR/QM verifications and ECOA appraisals/valuations. Mortgage Builder included these significant updates to provide its clients with adequate time to familiarize themselves with the new functionality and the necessary time to train staff so they can be ready when the new regulations go into effect in January. In addition, this December there will also be a Mortgage Builder Compliance Conference for clients to review and discuss the new functionality.

****“We understand that these new regulatory changes are a significant source of stress for lenders, so we’ve taken a proactive approach to help our customers prepare,” says Keven Smith, president and CEO of Mortgage Builder. “As with most changes, successfully navigating these new regulations will require having technology that is prepared to accommodate them, in addition to internal planning and training on the part of the lender,” he notes.

****“We are pleased to be bringing these enhancements to our clients well before the regulations go into effect.  In doing so, our clients will have adequate time to prepare, which should alleviate some of the related stress,” Smith says. He adds that the upgrades also include a number of enhancements designed to improve security, convenience, and the overall experience for Architect users. “But at this time, being ready for January’s changes is everyone’s main concern,” he says, “and as their technology partner, it’s important that our clients know we’re doing everything possible to be of assistance.”