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QuestSoft’s Compliance EAGLE Plug-In now available for MORvision
Laguna Hills, Calif., January 15, 2008 - QuestSoft, a provider of compliance software and geocoding services for lenders, announced today that their automated compliance tool, Compliance EAGLE, has been fully integrated, through an automated Plug-In, with Livonia, Mich.-based Dynatek’s MORvision®, an ISGN company and established leader in loan origination systems.
Compliance EAGLE automates the most important components of mortgage lending compliance requirements into a single end-to-end system. The solution’s complete integration with MORvision significantly reduces potential risk exposure by providing immediate testing of the loan application against thousands of federal, state and local laws and regulations. Lenders using MORvision with Compliance EAGLE Plug-In can quickly review loan files for any compliance errors and correct them prior to funding.
"The Compliance EAGLE Plug-In introduces a new class of integrated services to MORvision customers, bringing the total number of categories to 20. The Plug-In itself combines compliance services traditionally performed by multiple vendors, giving lenders one tool that can comprehensively handle all compliance needs," said Todd Luhtanen, president and CTO of Dynatek. "Using QuestSoft's solution, complex compliance processes are now provided instantly, saving our customers time and greatly increasing compliance accuracy on 100 percent of their portfolio."
Dynatek’s MORvision is a flexible loan origination software system that automates everything from point-of-sale and Web origination through processing, underwriting, closing, secondary tracking and delivery. Within MORvision, Compliance EAGLE uses automated rule sets to identify regulatory exceptions, performing Home Mortgage Disclosure Act (HMDA), Truth in Lending Act (TILA), Home Ownership and Equity Protection Act (HOEPA), Office of Foreign Assets Control (OFAC) and Social Security Number (SSN) checks, along with federal, state and local consumer and high cost tests. In addition, the platform provides users with address verification and recording and title fee calculations to improve the accuracy of initial disclosures. Census and demographic data is also provided, so lenders can identify emerging market opportunities.
QuestSoft’s compliance software reduces the time and expense related to pre- and post-closing audits resulting in a quality, saleable loan portfolio. Federal, state and local regulations are reviewed, providing lenders and investors with increased confidence and reduced litigation and regulatory risk. Compliance EAGLE uses the Mavent Expert System to conduct Federal & State high cost and consumer law reviews along with TILA, OFAC and SSN checks.
“Post closing compliance sampling means little when it comes to legal risk, regulatory violations and damage to the lender’s reputation,” said Leonard Ryan, president of QuestSoft. “Once a loan is funded, it could be too late to prevent legal action, loan buybacks, fines and penalties for errors that could have been prevented by Compliance EAGLE through MORvision. Investors feel more comfortable with a lender’s portfolio, knowing that 100 percent of the loans have been checked and verified before funding. In January, QuestSoft and Dynatek will be jointly hosting an informational Webinar to further introduce the product and its synergies with MORvision to the public,” said Ryan.
About Dynatek
Founded in 1986 and headquartered in Livonia, Mich., Dynatek has been a leader in mid-market mortgage automation solutions for retail and wholesale lenders for 2 decades. Dynatek’s MORvision is a flexible solution that automates everything from point-of-sale and web origination through processing, underwriting, closing, secondary tracking and delivery. Dynatek is attributed with a long list of industry innovations including their award-winning Plug-In Partner Network, which seamlessly connects MORvision users to industry partners with just one click; and their unique Control Center, which offers capabilities for eMortgage, business process management, and multi-client support.
In 2007 Dynatek was acquired by ISGN who is assembling the best industry technology, solutions, and services into a single source provider for mortgage lenders. This group provides the mortgage industry with seamless access to a broad array of end-to-end mortgage products and services. For more information on ISGN, log on to www.isgn.com. For more information on Dynatek or to learn more about the benefits of MORvision, call 800.462.5545 or log on to www.dynatek.com.
About QuestSoft
Laguna Hills, Calif.-based QuestSoft is a compliance-software development firm specializing in the Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA), flood determination and complete compliance management to more than 1,600 banks, credit unions and mortgage companies nationwide. The company provides software design, compliance-quality geocoding and outsourcing services that are backed by 16 years of direct mortgage software and origination experience. In addition, the company has received recognition for its many technological accomplishments.
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