Mortgage QC software provider ACES Quality Management (ACES) reports that despite challenging market conditions, the company maintained a record growth during the last few years, adding more than a dozen of the leading lenders in the U.S. to its client roster in 2023.
Combined with many longtime, quality-conscious customers, this growth resulted in a 24% increase in audit volume totaling more than 7.7 million audits across hundreds of millions of dollars of real estate transactions. New logos added to the ACES portfolio include a top-five credit union, one of the largest homebuilders in the country, a large national outsourcer, the largest bank in Pennsylvania and a state housing finance authority, the firm says in a release.
From a technology perspective, one of the company’s most significant accomplishments in 2023 was the official launch of ACES PROTECT, a suite of automated regulatory compliance tests designed to reduce audit time and enhance oversight by incorporating automatic compliance testing into the overall quality control (QC) auditing environment. ACES also introduced several enhancements to its free Compliance NewsHub weekly newsletter and website, enabling users to filter the events calendar and recent news for easier navigation. The company also published nearly 460 articles and over 160 calendar items to the Compliance NewsHub, thus helping financial services QC, compliance and risk professionals stay current on the latest regulatory and investor requirements.
“2023 continued to be a challenging year for mortgage and financial services professionals; however, the downward trend in critical defect rates over the last few quarters of the year, as shown in our quarterly Mortgage QC Industry Trends Report, indicates that lenders and financial institutions are taking QC seriously,” says Trevor Gauthier, CEO for ACES, in the release. “While the outlook for 2024 is more favorable, lenders and financial institutions must continue to prioritize loan quality and risk mitigation to ensure they can enjoy the spoils of a more fruitful lending environment. As always, ACES remains a steadfast partner in helping lending organizations maintain compliance and preserve the integrity of their originations and operations.”