LAGUNA HILLS, Calif.--(BUSINESS WIRE)--To enhance mortgage loan compliance processes as it expands into more states, Anaheim, Calif.-based mortgage lender CashCall Mortgage has implemented QuestSoft’s Compliance EAGLE platform. The lender selected the program to automate the testing and reporting of federal, state, investor regulations and guidelines as well as ensure compliance for the multi-state exams. QuestSoft is a leading provider of mortgage compliance software and services for lenders.
CashCall selected Compliance EAGLE, because the software provides staff with one central place to verify and test compliance with all laws and regulations. The program evaluates loan files against a comprehensive suite of compliance regulations and standards, some of which include the multi-state exams’ LEF requirements, Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA), flood determination requirements, and Truth in Lending Act (TILA), federal, state and local consumer and predatory lending laws.
CashCall, which builds all of its processes with the goal of being the quickest loan closer, also said Compliance EAGLE supported its goal of quickly scanning loan files for compliance issues within seconds. Shanna Gilroy, compliance officer for CashCall, explained that if a loan fails a compliance check an automated report tells the lender exactly where the issue lies, so errors can be fixed quickly, and the loan can be reprocessed and then closed without repurchase risk.
“The automation reduces risks when manually keying in information and lowers the chances of paying regulatory fines,” Gilroy said. “I can also use the compliance test results to educate our staff on compliance issues and improve our processes moving forward.”
Another factor in CashCall’s selection of Compliance EAGLE is the ability to match up with many of the Secondary Market Investors review sets to alleviate discrepancies between their legislative interpretations.
“CashCall is in the process of expanding from primarily working in California to reaching borrowers across 29 states,” said Ron Radziminsky, senior vice president of Operations for CashCall. “Compliance EAGLE ensures that we will not have to manually research and build checks for individual states. Additionally, we have received great feedback from our investors on Compliance EAGLE’s use of the Mavent compliance engine to ensure adherence with top investor guidelines.”
Compliance EAGLE is seamlessly integrated into CashCall’s loan origination software (LOS), Fidelity National Information System’ Empower®. The implementation synchronizes the data between the LOS and Compliance EAGLE, reducing the amount of data entry needed to run compliance checks.
“Lenders should focus their energies on those activities that best support the business of closing loans,” said Leonard Ryan, president of QuestSoft. “Compliance EAGLE reduces the time needed to monitor regulations and test loans against all applicable laws, secondary market guidelines and regulatory requirements, enabling lenders like CashCall to spend as little time as possible away from the closing table.”
About CashCall Mortgage
Anaheim, Calif.-based CashCall Mortgage, a division of CashCall, Inc., is a pioneer in the lending business and has simplified the loan process and shortened funding time in the consumer lending industry. CashCall's culture is fast-paced and friendly, specializing in closing loans quickly through phone and online channels. For more information, visit the company’s website at www.cashcall.com.
About QuestSoft
Laguna Hills, Calif.-based QuestSoft is an established provider of comprehensive and automated compliance software and services to the mortgage, banking and credit union industries. The company’s products enable more than 1,500 banks, credit unions and mortgage companies to simplify the collection, analysis, compilation and reporting of key lending regulatory report data. For more information about QuestSoft and its products, visit the company's Web site at www.questsoft.com.