LoanScorecard’s Portfolio Underwriter Now Integrated with QuestSoft’s Compliance Software
Integration Will Accelerate Loan Process and Help Ensure Regulatory Compliance
IRVINE, Calif., October 23, 2017 - LoanScorecard™, a leading provider of automated underwriting and compliance solutions, announced today that its automated underwriting system (AUS), Portfolio Underwriter™, is now integrated with QuestSoft’s Compliance EAGLE software platform.
Compliance EAGLE, QuestSoft’s flagship software, provides lenders with automated compliance review tools to evaluate loan files for adherence to the full range of mortgage lending regulations, including Ability-to-Repay (ATR) / Qualified Mortgage (QM), the TILA-RESPA Integrated Disclosure rule (TRID), the Home Mortgage Disclosure Act (HMDA), the Community Reinvestment Act (CRA), flood determination requirements, NMLS Call Reporting, and state, consumer and local lending laws. The automated risk management solution is integrated with popular loan origination systems including Black Knight Empower, Byte Mortgage Software, Calyx Point/PointCentral, FICS, Fiserv, LendingQB, OpenClose and more. These interfaces enable banks, credit unions and other financial institutions to leverage QuestSoft’s integration with their LOS to access Portfolio Underwriter quickly and easily, minimizing start-up time.
With the addition of Portfolio Underwriter, lenders that use Compliance EAGLE will be able to automate underwriting for their portfolio loans and manage exceptions based on valid compensating loan factors rather than loan officer “discretion.” Results of the decisions are documented in an in-depth findings report, which includes the program-specific conditional underwriting criteria used in the data analysis. This data is seamlessly exchanged between Portfolio Underwriter and Compliance EAGLE, eliminating rekeying.
“We designed Compliance EAGLE to automate the entire mortgage lending compliance process in a single system,” said Leonard Ryan, President of QuestSoft. “Portfolio and non-agency lending is making a strong comeback and our customers require automated tools to safely lend and scale this growing area of business. Our integration with LoanScorecard’s Portfolio Underwriter allows our clients to gain confidence that the loans they are originating are compliant from a Fair Lending and QM perspective.”
“Portfolio and non-QM are key to differentiating yourself and rapidly growing your mortgage business in today’s lending landscape. Increasingly, lenders must employ integrated, automated technology to save time, costs and reduce errors,” said Ben Wu, Executive Director at LoanScorecard. “We’re pleased to partner with QuestSoft to provide their customers with access to our AUS from within their compliance software—speeding up the loan origination process and at the same time, ensuring fast, consistent, unbiased credit policy application to better serve borrowers and demonstrate Fair Lending.”
Laguna Hills, Calif.-based QuestSoft® is a leading provider of comprehensive compliance software and services for the mortgage, banking and credit union industries. QuestSoft combines 20+ years of mortgage regulatory, CRA and Fair Lending compliance analytics, data management and software design expertise with best-in-class customer service to consistently improve client compliance accuracy and facilitate smoother regulatory audits. QuestSoft products, interfaced with over 40 LOS providers, enable more than 2,200 clients to simplify and speed the collection, analysis, compilation and reporting of key lending regulatory report data. For more information, call 800-575-4632, ext 1, or visit www.questsoft.com.
LoanScorecard™ is a leading provider of automated underwriting and loan pricing solutions designed to meet today's regulatory challenges and capitalize on market opportunities. The company’s Portfolio Underwriter™ can be tailored to capture a lender’s specific credit policy and render underwriting findings that demonstrate a consistent loan manufacturing process to auditors and investors. Portfolio Producer™ electronically distributes wholesale and investor products and pricing to third-party originators (TPOs), providing TPOs with a real-time, interactive tool to determine borrower fit and price for non-agency programs, and enabling them to submit qualified loans to wholesalers and investors with confidence. Additionally, as the industry's first QM engine, LoanScorecard helps institutions address CFPB regulations through its QM Findings™, the industry's first qualified mortgage (QM) engine which has rendered more than 5 million QM findings reports to-date. For more information, visit loanscorecard.com or call 800-617-0892.