QuestSoft customers now have the ability to utilize automated rulesets to perform loan-level NMLS Mortgage Call Report data validation and edit checks. Instant MCR allows customers to correct their LOS data at the loan-level rather than being faced with the daunting task of scrubbing large amounts of errors prior to each quarterly submission.
The NMLS MCR Review service is initiated directly from LOS systems integrated with QuestSoft’s Compliance EAGLE functionality. It can be requested independently or as part of a comprehensive compliance review. Once requested, a result is returned within seconds that identifies any errors that would create concerns for state regulators. The user can then make the appropriate correction within their LOS and request additional reviews until the loan passes. Because of this more efficient loan by loan audit process, far less time is needed within the compliance department to finalize the required quarterly reporting.
The Compliance EAGLE suite includes Instant MCR and 14 additional critical review services, equipping lending institutions with automated rule sets to identify and adhere to regulatory exceptions and guidelines:
- TILA/RESPA Integrated Disclosure (TRID) compliance
- Qualified Mortgage/Ability-to-Repay (QM/ATR)
- High Cost, Guaranteed Fee Tolerances and Transfer Tax services
- Truth in Lending Act (TILA)
- Real Estate Settlement Practices Act (RESPA) compliance on non-TRID loans, federal, state and local consumer lending laws
- Home Ownership and Equity Protection Act (HOEPA)
- Office of Foreign Assets Control (OFAC)
- Social Security Number (SSN) checks, exclusionary lists
- NMLS License verifications, and more