Mortech and AllRegs reached a partnership to help lenders reduce risk by automating compliance checks and incorporating investor underwriting guidelines during the loan process.
The new workflow option will be available on both the product and rate screens within Marksman, which is the pricing engine for the Lincoln, Neb.-based mortgage technology software solution provider. Results are automatically color coded to let loan officers know at a glance if a borrower will qualify for a loan program based on the loan criteria entered.
This feature will reduce errors and lender risk by ensuring the loan meets investor eligibility guidelines, Mortech says. Administrators can also choose to configure Marksman to hide ineligible results from loan officers.
Marksman has offered manual AllRegs eligibility checks since 2006. But the manual process often led to the eligibility test being overlooked until later in the loan process. Automating AllRegs eligibility verification is aimed at improving the overall borrower experience, Mortech added.
“In today’s lending environment, investor compliance checks cannot be left to chance,” says Don Kracl, vice president of mortgage tools for Zillow, which bought Mortech last November for $12 million. “The costs of noncompliance are too high. Since these checks are so important, it makes sense to run them automatically.”