Link Ensures Compliance

Financial Industry Computer Systems, Inc. (FICS) has completed an interface implementation to Laguna Hills, Calif.-based QuestSoft’s Compliance EAGLE. With Compliance EAGLE’s proactive loan compliance tools and capabilities, the interface will allow FICS’ Loan Producer customers to further enhance business practices and compliance efficiency.

Compliance EAGLE is a review solution designed to automate the mortgage lending compliance process through a single platform, providing lenders that utilize Loan Producer with increased speed, data integrity, and rule engines to aide in full compliance. In order to constantly maintain optimal compliance processes, Compliance EAGLE updates will be automatically applied through the cloud when new regulatory guidelines are introduced to the mortgage industry.

With regulatory pressure continuing to build throughout the mortgage industry, many institutions, such as Westminster, Calif.-based LBS Financial Credit Union, are in need of greater compliance capabilities to satisfy the expectations of today’s regulators. As an existing Loan Producer customer, LBS Financial Credit Union recently began leveraging the added functionalities provided by the Compliance EAGLE integration and has already experienced substantial benefits from the new offering.

“I cannot tell you how happy we are with the compliance enhancements we have already seen thus far,” said Liz Conrado, vice president of residential lending for LBS Financial Credit Union. “Compliance EAGLE is far more than I expected; a total solution that not only checks CRA and HMDA, but also HOEPA, Truth in Lending, OFAC, Predatory Lending, Exclusionary List, NMLS Licensing, Fraud and GFE/RESPA fees. The time savings have also proven to be invaluable for LBS, as we can now order transcripts from the IRS, as well as verify Social Security numbers on our loans, all in less than one minute of our time.”

As a result of the interface implementation, Loan Producer users gain access to Compliance EAGLE’s automated compliance rule sets, such as Ability-to-Repay/Qualified Mortgage (ATR/QM), Truth in Lending Act (TILA), Home Mortgage Disclosure Act (HMDA), Home Ownership and Equity Protection Act (HOEPA), Real Estate Settlement Procedures Act (RESPA), Office of Foreign Assets Control (OFAC), Social Security Number (SSN) checks, and much more. In addition, QuestSoft states that the Compliance EAGLE software also verifies and complies with federal, state, local consumer and high cost tests.

“The regulatory environment does not leave room for error, making automated compliance a key factor in reducing risk, simplifying the submission process and successfully meeting all necessary federal, state or local regulations,” said Leonard Ryan, president of QuestSoft. “The Loan Producer and Compliance EAGLE integration helps alleviate the stress of compliance and keeping up with constant regulatory changes, by providing users pristine data integrity to comply with the latest regulatory updates, secondary market guidelines and all applicable laws.”

FICS’ Loan Producer provides end-to-end residential loan origination, document preparation, processing, tracking, underwriting, closing, funding, secondary marketing and post-closing automation. As a result, lenders utilizing Loan Producer realize a significant reduction in errors, as well as an increase in productivity and income.

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“Based on the constant increase of regulatory pressure within the mortgage industry, compliance remains a significant area of concern for today’s lenders,” said Susan Graham, president and chief operating officer of FICS. “Through our latest interface implementation to QuestSoft’s Compliance EAGLE, we are able to further expand upon the current capabilities of our Loan Producer solution, providing our customers with the tools to streamline business procedures and automate compliance processes in order to maintain success moving forward.”

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.