|By Business Wire||
|June 17, 2014 12:10 PM EDT||
Financial Industry Computer Systems, Inc. (FICS®), a provider of loan 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.
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Jul. 31, 2015 03:00 PM EDT Reads: 492
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Jul. 31, 2015 02:30 PM EDT Reads: 271
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Jul. 31, 2015 02:30 PM EDT
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Jul. 31, 2015 02:00 PM EDT Reads: 362
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Jul. 31, 2015 01:45 PM EDT
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Jul. 31, 2015 11:45 AM EDT Reads: 126
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Jul. 31, 2015 11:45 AM EDT Reads: 117
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Jul. 31, 2015 10:00 AM EDT Reads: 142
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Jul. 31, 2015 08:45 AM EDT Reads: 302
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Jul. 31, 2015 08:00 AM EDT Reads: 159
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Jul. 30, 2015 07:30 PM EDT Reads: 1,401
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Jul. 30, 2015 06:30 PM EDT Reads: 892
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Jul. 30, 2015 06:00 PM EDT Reads: 1,804
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Jul. 30, 2015 05:00 PM EDT Reads: 1,090
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
Jul. 30, 2015 04:00 PM EDT Reads: 2,206