QuestSoft, a software provider to the mortgage, banking and credit union industries that enables companies to simplify the collection, analysis and reporting of lending regulatory report data, has made updates to its Compliance Eagle platform so the platform is in compliance with the upcoming Consumer Financial Protection Bureau rule changes.
Laguna Hills, Calif.-based QuestSoft said Compliance Eagle was updated within hours of the Qualified Mortgage rules announcement to provide a direct comparison of income reported on the borrower’s loan application to Internal Revenue Service transcripts without the need for the lender to input information into a separate system.
Other features that Compliance Eagle provides customers are automated compliance review tools that evaluate loan files to make sure they adhere to mortgage lending regulation, including the Real Estate Settlement Procedures Act, Home Mortgage Disclosure Act, Truth in Lending Act, Community Reinvestment Act, flood determination requirements and other predatory lending laws.
In addition, the platform provides users with address verification, identification of loans that qualify for CRA credit and census/demographic data for identifying emerging market opportunities.
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Leonard Ryan, president of QuestSoft, believes that mortgage compliance software like Compliance Eagle provides the necessary automation, data integrity and rule engines needed to ensure lenders conform to industry regulations.
“The Consumer Financial Protection Bureau promises an accurate and expedited implementation for its finalized rules announced in January,” Ryan said in a press release. “Easy transitions within the mortgage industry are possible if lenders embrace automation to ensure that every new regulation is handled accurately and quickly.”
