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FICS Enhances Loan Producer® Solution with QuestSoft’s Compliance EAGLE
|By Business Wire
|June 17, 2014 12:10 PM EDT
Financial Industry Computer Systems, Inc. (FICS®), a provider
origination software, residential
servicing software and commercial
servicing software for the mortgage industry, recently announced its
latest interface implementation to Laguna Hills, Calif.-based
QuestSoft’s Compliance EAGLE®. With Compliance EAGLE’s
proactive loan compliance tools and capabilities, the interface will
allow FICS’ Loan Producer customers to further enhance business
practices and compliance efficiency.
Compliance EAGLE is a review solution designed to automate the mortgage
lending compliance process through a single platform, providing lenders
that utilize Loan Producer with increased speed, data integrity, and
rule engines to aide in full compliance. In order to constantly maintain
optimal compliance processes, Compliance EAGLE updates will be
automatically applied through the cloud when new regulatory guidelines
are introduced to the mortgage industry.
With regulatory pressure continuing to build throughout the mortgage
industry, many institutions, such as Westminster, Calif.-based LBS
Financial Credit Union, are in need of greater compliance capabilities
to satisfy the expectations of today’s regulators. As an existing Loan
Producer customer, LBS Financial Credit Union recently began leveraging
the added functionalities provided by the Compliance EAGLE integration
and has already experienced substantial benefits from the new offering.
“I cannot tell you how happy we are with the compliance enhancements we
have already seen thus far,” said Liz Conrado, vice president of
residential lending for LBS Financial Credit Union. “Compliance EAGLE is
far more than I expected; a total solution that not only checks CRA and
HMDA, but also HOEPA, Truth in Lending, OFAC, Predatory Lending,
Exclusionary List, NMLS Licensing, Fraud and GFE/RESPA fees. The time
savings have also proven to be invaluable for LBS, as we can now order
transcripts from the IRS, as well as verify Social Security numbers on
our loans, all in less than one minute of our time!”
As a result of the interface implementation, Loan Producer users gain
access to Compliance EAGLE’s automated compliance rule sets, such as
Ability-to-Repay/Qualified Mortgage (ATR/QM), Truth in Lending Act
(TILA), Home Mortgage Disclosure Act (HMDA), Home Ownership and Equity
Protection Act (HOEPA), Real Estate Settlement Procedures Act (RESPA),
Office of Foreign Assets Control (OFAC), Social Security Number (SSN)
checks, and much more. In addition, QuestSoft states that the Compliance
EAGLE software also verifies and complies with federal, state, local
consumer and high cost tests.
“The regulatory environment does not leave room for error, making
automated compliance a key factor in reducing risk, simplifying the
submission process and successfully meeting all necessary federal, state
or local regulations,” said Leonard Ryan, president of QuestSoft. “The
Loan Producer and Compliance EAGLE integration helps alleviate the
stress of compliance and keeping up with constant regulatory changes, by
providing users pristine data integrity to comply with the latest
regulatory updates, secondary market guidelines and all applicable laws.”
FICS’ Loan Producer provides end-to-end residential loan origination,
document preparation, processing, tracking, underwriting, closing,
funding, secondary marketing and post-closing automation. As a result,
lenders utilizing Loan Producer realize a significant reduction in
errors, as well as an increase in productivity and income.
“Based on the constant increase of regulatory pressure within the
mortgage industry, compliance remains a significant area of concern for
today’s lenders,” said Susan Graham, president and chief operating
officer of FICS. “Through our latest interface implementation to
QuestSoft’s Compliance EAGLE, we are able to further expand upon the
current capabilities of our Loan Producer solution, providing our
customers with the tools to streamline business procedures and automate
compliance processes in order to maintain success moving forward.”
Laguna Hills, Calif.-based QuestSoft
is an established provider of comprehensive and automated compliance
software and services to the mortgage, banking and credit union
industries. The company’s products enable more than 1,800 banks, credit
unions and mortgage companies to simplify the collection, analysis,
compilation and reporting of key lending regulatory report data. For
more information about QuestSoft and its products, visit the company's
website at www.questsoft.com.
Founded in 1983 and headquartered in Dallas, Texas, Financial Industry
Computer Systems, Inc. (FICS), specializes in providing flexible,
comprehensive residential and commercial technology solutions to the
mortgage industry. FICS' systems are designed to operate on Microsoft®
Windows® platforms with the most recent solutions written
using .NET Framework that include a rich Windows®
Presentation Foundation user interface and multi-tiered shareable
services. The company also provides innovative document management and
web-based capabilities into its full suite of products. Additional
information about FICS is available via the company's website at www.FICS.com.
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