Mortgage Dashboard, an Austin, Texas-based software-as-a-service company that provides on-demand solutions for the mortgage industry working with lenders, credit unions and banks, has added compliance alerts to its cloud-based loan origination system.
The compliance alerts, known as C-alerts, flash a message across their proprietary “communication bar” within the LOS whenever any type of action related to the loan takes the deal out of compliance. When an alert occurs, the software automatically takes the loan officer to a notification page where they can clear the alert and bring the deal back into compliance. After this occurs, an audit trail automatically logs their action for management review.
“This new functionality makes it very easy for lenders to remain in full compliance and to know exactly when anyone inside their organization deviates from the requirements,” said Jorge Sauri, chief technology officer of MortgageDashboard. “By combining the on-screen alerts with the audit trails, banks can be assured that loan quality is exactly where they need it to be.”
Lenders have the capability to set their own triggers for a compliance alert, even though most are already included in the software to catch statutory requirements. The types of triggers that the system monitors includes tracking the interview date for compliance with the three-day disclosure rule and verifying that the interest rate does not change by more than an eighth of a percent without redisclosing.
“The best part is that our system is designed to grow and adapt right along with compliance changes,” said Rene Rodriguez, CEO of MortgageDashboard. “When there is a change, our clients can set up their own compliance triggers to ensure they remain compliant. No more waiting for system upgrades or having to purchase new versions.”
Sauri said MortgageDashboard’s decision to add the compliance alerts to its loan origination system is going to help larger organizations remain compliant.
“Our software makes it very difficult for a loan officer to make costly mistakes,” Sauri said. “It ensures compliance and this new functionality will let managers sleep at night knowing they are in compliance with the rules in today’s environment.”
