Compliance software provider QuestSoft found that nearly one in five lenders is considering switching their loan origination systems this year, according to the results of its ninth annual compliance survey.
In total, 19.8% of lenders are looking to change their LOS, up 3.7% from 2014, the company said in a March 31 press release. Fueling the shift are concerns related to compliance, including changes to RESPA-TILA and integrated disclosures.
"As lenders finalize their processes for implementing the new disclosures and closing documents, they are also evaluating their LOS to ensure that the system can handle the changes they are making," said Leonard Ryan, president and founder of QuestSoft, in the release.
Additionally, Ryan said the survey's results showed that some systems that are native online or support mobile functionality have gained popularity, although most of the same platforms remain popular.
