A crop of new and enhanced services are intended to help home lenders and servicers address upcoming disclosure rules, new licensing requirements and updated agency requirements.
An alliance announced in September between Wolters Kluwer Financial Services and Wipro Gallagher Solutions is intended to help simplify mortgage firms’ compliance with the integrated disclosure rule that becomes effective in August 2015.
The partnership gives users of Wipro Gallagher’s loan origination system direct access to Wolters Kluwer’s compliance consulting staff of 400.
Also addressing compliance with the integrated disclosure is Securian Financial Group, which has a guide for understanding and complying with the 1,888 pages of changes to the Real Estate Settlement Procedures Act and the Truth in Lending Act. Securian is also providing a list of five trips, traps and quirks to be aware of in planning strategies for implementing the new loan forms.
A new quality control program, QC Review, unveiled last week by Credit Plus Inc. promises to enable lenders to run quality assurance checks throughout the entire origination process. Before issuing initial disclosures and at all subsequent points in the loan process, lenders can run quality assurance checks to meet their own policies and procedures.
In addition, the service reportedly helps lenders defend themselves against repurchase demands and litigation. The service has reps and warranties insurance coverage underwritten by Lloyds of London included in the cost. Additional protection is available for underwriting, fraud, compliance and appraisal issues through The Prieston Group’s reps and warranties insurance program.
Also aiding lender compliance through all stages of the loan cycle is a new software solution launched last month by The StoneHill Group Inc. Loan Evaluation Software, or LES, can be completely customized to help manage risk while reducing time-in-file costs, according to a news release. LES enables mortgage bankers to sample files for quality, conduct due diligence and monitor process quality.
Fannie Mae’s latest category requirements for defects and findings are addressed by the mortgage analyst review software from Quality Mortgage Services, the company announced. MARS supports post-closing, pre-funding and MERS audits.
Lenders can get help complying with version three of the Nationwide Mortgage Licensing System call report with Advantage Systems’ advance reporting module for its accounting systems. The latest NMLS version will reject XML files that don’t adhere to new requirements.
A partnership between Strategic Compliance Partners and RML Advisors promises to provide industry third-party vendor management analysis solutions. The alliance approaches vendor management challenges from both consultative and technology-minded vantage points.
A new loan management module from Equator promises to help servicers with compliance and transparency and ease the administration of rules, assignment of loans and reconciliation of portfolios. Detail audit trails and compliance checks are documented, stored and easily accessible for review.
Unlimited support during implementation, strong communication and LOS integration were among the reasons cited for First Tech Federal Credit Union’s recent decision to utilize DocuTech Corp.’s ConformX.
The Compliance Group Inc. reported that its client base expanded by 20 percent in the second quarter. The financial institutions and mortgage bankers that signed up are utilizing quality control reviews and servicing quality control.
