Regulatory compliance remains a priority for mortgage companies large and small. And integration remains one of the best ways to reduce related risk and improve process efficiencies that result in more robust product offerings.
It was the method of choice for yet another partnership where mortgage origination technology provider Ellie Mae integrated into its network the PredProtect Compliance Suite offered by Interthinx of Aurora Hills, Calif.
It assists lenders in keeping pace "with the surge of new laws and increased enforcement by both regulators and investors," says senior vice president of Interthinx, Mike Zwerner.
The integration enables lenders to comply with hundreds of anti-predatory lending requirements both at the state and the federal level.
The Interthinx package includes recent regulatory updates such as HOEPA Section 35, the Truth-in-Lending Act and Mortgage Disclosure Improvement Act tolerances, says Interthinx vice president of compliance, Roger Fendleman.
Altogether it adds to an already good mix of mortgage software.
Ellie Mae's network connects lenders, settlement service providers and other mortgage professionals that are part of the loan funding and processing transaction.
Among others, the Ellie Mae Ecompass360 mortgage origination technology is used by bankers, brokers and credit unions.
Fendleman sees benefits in enabling Ecompass360 users to receive compliance reviews "that feature clear, simple worksheets" with Interthinx Points&Fees Drilldowns, instant and automated regulatory compliance reviews that help streamline loan production and minimize mistakes.
Also, the PredProtect Compliance suite does not require mapping, programming, or additional integration costs for Ecompass360 users, Zwerner says, it is a "plug and play type integration" that means underwriters would not waste time keying loan data or "placing last minute calls to the compliance department."
