QuestSoft, a provider of automated mortgage compliance software, has updated its Compliance Eagle software to help lenders comply with new integrated mortgage disclosure changes set to take effect Aug. 1, 2015.
“With Aug. 1 less than nine months out, our customers are already upgrading their compliance technology and preparing to begin testing their new operations,” QuestSoft President Leonard Ryan, said in a news release. “With the recent and upcoming upgrades to Compliance Eagle, our customers will be able to test their compliance engines well in advance of the new rule, providing peace of mind that their systems and staff are prepared.”
The upgrade provides the data field framework for lenders to incorporate the upcoming integrated mortgage disclosure changes. Lenders using Compliance Eagle will be able to run pre-closing compliance tests on every loan to ensure that the new regulations – such as the disclosure waiting period – correctly were implemented. Upcoming upgrades twill include testing environments to provide lenders with time to adjust operations prior to the August deadline.
Compliance Eagle is a web-based automated compliance engine that evaluates a loan file for adherence to the full range of mortgage lending regulations. Adherence to Consumer Financial Protection Bureau regulations is performed through direct integration capabilities, and is used by Fannie Mae, Freddie Mac, and lenders and mortgage investors nationwide, the company said.
Cover Story: