A regulator is helping lenders prepare for upcoming changes to Home Mortgage Disclosure Act reporting. Two mortgage firms are utilizing service providers to help them with quality control.
The Consumer Finance Protection Bureau said last month that the beta launch of its HMDA Platform will give home lenders an opportunity to become familiar with it before going live in 2018.
According to the bureau, the beta version will enable financial institutions
to establish test log-in credentials, upload sample HMDA files and perform validation on their data.
In addition, users can receive edit reports, confirm their test data submission and conclude the test HMDA filing process.
“During the beta period, financial institutions may test and retest as often as desired,” the CFPB stated. “All test accounts created and test data uploaded during the beta period will be removed from the system when the filing period opens in January 2018.”
ACES Automated Document Manager has been launched by ACES Risk Management, a recent statement said. The technology
uses robotic process automation for core activities lenders undertake to reduce gross loan defects.
ADM employs optical character recognition to automatically identify, bookmark and organize loan documents, ARMCO said. Users are alerted to missing documents.
On Nov. 8, ARMCO announced that Guaranteed Rate Mortgage will use its ACES Audit Technology for its QC processes.
TRK Connections announced Thursday that Waterstone Mortgage Corp. will utilize
the Insight Risk & Defect Management platform to conduct its internal QC audits.
Last month,
Continuity said that Pewaukee, Wisconsin-based Waterstone will utilize its services to centralize its compliance system.
Plaza Home Mortgage Inc. is using CastleLine’s risk management program to protect it from underwriting errors, fraud and other loan manufacturing defects, a recent news release said.
LoanScorecard recently announced that Portfolio Underwriter, its automated underwriting system, has been integrated with QuestSoft’s Compliance EAGLE automated compliance review tools platform.
An alliance recently announced between Cogent Economics Inc. and Wolters Kluwer Governance, Risk & Compliance will enable QC and compliance audit checklists in Cogent QC Systems to be automatically updated.
