Del Mar DataTrac Inc. has integrated with Laguna Hills, Calif.-based QuestSoft in the newest release of its Vendor Service Platform (VSP 2.0).
Del Mar DataTrac's VSP 2.0 is a browser-based extension to DataTrac, the company's flagship loan origination software program. The platform offers two-way integrations between a lender's database of record and vendor systems. Additionally, VSP 2.0 also includes a new integration into QuestSoft's Compliance EAGLE service, as well as extensive enhancements to its existing integration with the DocMagic loan documents service.
The platform expedites the transaction process by eliminating nearly all manual data entry into a vendor's system, Del Mar DataTrac says. It also provides instant feedback from the vendor directly to DataTrac. Because the information source for each transaction is originating in DataTrac, VSP 2.0 ensures that the vendor is working with the same data that is present on the user's desktop, the company adds.
QuestSoft's Compliance EAGLE evaluates a file against a comprehensive suite of compliance regulations and standards including Home Mortgage Disclosure Act, Community Reinvestment Act and flood determination requirements, as well as Truth in Lending Act, federal, state and local consumer and predatory lending laws.
Customers can order QuestSoft's compliance reviews directly through DataTrac, instantly receiving complete responses, which can be analyzed and saved within their database of record. The ability to quickly process and analyze compliance results ensures real-time, pinpoint accuracy with all regulations and standards for DataTrac clients.
‘Lenders using Compliance EAGLE through DataTrac can prevent post-closing buybacks, legal actions or penalties because the lender can locate and correct errors prior to funding the loan,’ says Leonard Ryan, president of QuestSoft.
SOURCE: Del Mar DataTrac