Lenders Benefit from QuestSoft and OpenClose Partnership, More Streamlined Compliant Loan Origination Capabilities

QuestSoft, a provider of compliance software and geocoding services for lenders, and OpenClose, developers of Web-based, end-to-end mortgage lending software, announced today at the Mortgage Bankers Association’s 95th Annual Convention and Expo announced the integration of QuestSoft’s automated compliance tool, Compliance EAGLE, with OpenClose’s loan origination software (LOS).

Compliance EAGLE is the only automated compliance solution to be embedded in the OpenClose platform. This comprehensive integration enables OpenClose users to quickly and easily run residential mortgage loan applications through multiple compliance service checks. The test modules include High Cost, Truth in Lending Act (TILA), Home Mortgage Disclosure Act (HMDA) checks, FNMA’s proprietary 5 percent tests and other integral compliance reviews. The Compliance EAGLE integration with OpenClose streamlines the origination process for lenders, while simultaneously protecting them from the risk of having non-compliant loans in their origination pipelines.

“In today’s lending environment, originators clearly recognize the need for — and must have access to — technology that will help them in their business through cost-effective, streamlined origination capabilities,” said Rob Pommier, senior vice president of Sales at OpenClose. “With the Compliance EAGLE interface, our customers can rest assured that their loans will be fully compliant while benefitting from the same conveniences and efficiencies that they have come to expect with OpenClose.”

QuestSoft’s Compliance EAGLE combines the most important components of mortgage lending compliance, including HMDA, TILA, Home Ownership and Equity Protection Act (HOEPA), Federal, State and Local Anti-Predatory lending laws, State Consumer Lending, Office of Foreign Assets Control (OFAC) and Social Security Number (SSN) checks along with many other crucial compliance reviews, into a single system.

OpenClose provides users with an expanded, Web-based, end-to-end LOS that effectively connects brokers with mortgage bankers through a single tool to manage the entire loan life cycle from consumer to secondary market. The LOS includes a robust banking operations core, support for underwriting, closing, post-closing, secondary marketing, funding, shipping and reporting.

“In this changing market, every loan origination takes on special importance, and lenders can no longer gamble on post-closing reviews to monitor the compliance of their portfolios,” said Leonard Ryan, president of QuestSoft. “Once a loan is funded, there is little recourse for the lender to avoid potential legal action, buyback requirements, fines or penalties. OpenClose recognizes their clients are exposed to higher risk in today’s environment and they are taking steps to help protect them.”