QuestSoft Tech Features New Loan-Level Validation Functionality

QuestSoft’s Compliance EAGLE software platform has added new loan-level data checks and validation for Nationwide Mortgage Licensing System (NMLS) mortgage call reports, allowing lenders to check for and correct errors and also display warnings during the normal loan funding cycle.

“There has been a dramatic increase in the cost to comply with regulations. One way we have found reduces these costs is to have people familiar with the loan data correct errors before the file moves on to the compliance department,” says Leonard Ryan, founder and president of QuestSoft.

“QuestSoft’s Instant MCR, which is available with leading LOS platforms, enables users to ensure that NMLS guidelines are met at the time of loan origination so there are no surprises during the quarterly submission process,” he adds.

Instant MCR can check for a variety of error conditions while the loan is still being processed and before they become regulatory issues. Responses are returned within seconds and the use of the system indicates to state examiners the lender’s dedication to maintaining an accurate and efficient compliance management system.

In addition, when used in within the Compliance EAGLE platform, lending institutions are equipped with automated rule sets to perform tests such as TILA/RESPA Integrated Disclosure (TRID) compliance and instant HMDA checks within the same 30-second window.


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