PathSoftware’s loan origination system (LOS) is now integrated with ComplianceAnalyzer, an automated compliance solution from ComplianceEase.
As such, users of PathSoftware’s LOS can now automatically audit loans for regulatory compliance, including violations of the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule.
ComplianceAnalyzer with TRID Monitor is the most comprehensive, real-time TRID auditing solution available in the market, ComplianceEase claims. It can check for any changes in terms and fees throughout the origination and closing processes; audit tolerance across all disclosures and changed circumstances; and track post-consummation disclosures, including those with a cure to the borrower.
In addition, it performs audits for federal high-cost and higher-priced loan regulations, the Secure and Fair Enforcement for Mortgage Licensing Act, state high-cost and anti-predatory regulations, and state license-based consumer lending laws and regulations.
ComplianceAnalyzer with TRID Monitor can also perform audits for compliance guidelines from secondary market investors and government-sponsored enterprises.
The Path LOS, meanwhile, simplifies and streamlines mid- to enterprise-level, multi-channel loan origination. All loan data, lock data, products, pricing, automated underwriting system findings, loan estimate and closing disclosure documents emanate and are reconciled within one system, PathSoftware says. In addition, the LOS’s configurable workflows, with role-based functionality, provide visibility into every loan at every stage so financial institutions can ensure their business rules are followed.