ACES Risk Management (ARMCO), a provider of financial quality control (QC) and compliance software, has improved the functionality to its ACES Audit Technology by allowing mortgage servicers to customize and internally standardize their customer questionnaires based on how they interpret and react to ever-changing state, federal and agency mortgage servicing requirements.
“Now more than ever, servicers face an influx of new compliance rules and regulations from federal, state and government-sponsored enterprise requirements that they must adhere to,” reports Phil McCall, chief operating officer of ARMCO, in a release. “Due to an increasing spotlight placed on servicers, we enhanced the ease of configuration and self-sufficient change management capability to our platform, which now provides servicers with complete control to make changes in real-time to comply with the complexity of new rules.”
Because the ACES questionnaires are now customizable, it allows servicers to develop their own standards for addressing all relevant state, federal and agency compliance rules. Servicers can leverage and modify existing template questionnaires that ARMCO has in its library of forms.
The company further reports that its suite of new U.S. Department of Agriculture program-specific questions was also added to the servicing questionnaires. There is a wide array of requirements covered, including, but not limited to, escrow administration of the annual fee, construction processing/repair escrows, and default processing.
Clients can easily review and analyze question content additions and/or changes, discuss implementation needs with QC and business staff, and maintain questionnaire versioning records that can be provided on demand in the event of an external regulatory audit, the company says.