August 2, 2011

QuestSoft, a provider of mortgage compliance software for lenders, added ClosingCorp’s SmartGFE Service to Compliance EAGLE, an automated compliance review solution.

The combination is intended to ensure that fee amounts in good faith estimates produced by integrated loan origination and document software will be accurate and in compliance, and to streamline the generation and compliance of GFEs. Compliance EAGLE imports data directly from the loan origination software, passes the information to SmartGFE, and incorporates that data back into Compliance EAGLE's automated reviews and the lender’s GFE.

“In this constantly changing regulatory climate, lenders want proven applications to help them meet compliance requirements,” said Paul Mass, president of ClosingCorp. “Our partnership with QuestSoft will improve lenders’ efforts to provide accurate and timely data to consumers while also giving them the peace of mind that they are in compliance.”

ClosingCorp’s SmartGFE combines a compliance guarantee with access to real-time pricing data for title insurance, settlement services, and GFE Block 6 data as well as local transfer taxes and recording fees. The SmartMonitor Alert feature automatically notifies lenders or brokers of any changes in transfer taxes or recording fees prior to closing, giving them time to redisclose.

Compliance EAGLE tests loan applications against an extensive library of compliance standards and regulations, including the Home Mortgage Disclosure Act, Community Reinvestment Act, and flood determination requirements as well as the Truth in Lending Act, federal, state, and local lending laws. The stringent compliance testing process generates reviews widely accepted by many in the secondary market investing community.

http://www.questsoft.com/news/news071811.php